Maharlika Investment Fund Soft Launched at Davos World Economic Forum (WEF)

President Ferdinand Marcos delivers his remarks during the breakfast interaction with World Economic Forum partners and his economic team. (Photo courtesy of Mathias Josi)

GENEVA 31 July 2023 – Philippine Permanent Representative to the World Trade Organization (WTO) Ambassador Manuel A.J. Teehankee welcomed the signing into law of Republic Act 11954 establishing the Maharlika Investment Fund on 18 July 2023 and recalled that the Maharlika Investment Fund (MIF) was soft launched with global economic leaders by President Ferdinand R. Marcos, together with his economic team, at the World Economic Forum Annual Meeting held on 16-20 January 2023 in Davos, Switzerland. Ambassador Teehankee noted that “the recently concluded Investment Facilitation for Development (IFD) agreement in the WTO, where the Philippines actively contributed and supported robust provisions on sustainable investment, will complement initiatives such as the MIF to enhance business confidence in pursuing big-ticket strategic investments in the country.”

While in Davos, President Marcos emphasized in his WEF engagements that the MIF would leverage liquidity from government financial institutions (GFIs) and government-owned and government-controlled corporation (GOCCs) to pursue strategic and profitable investments in key and high-impact sectors. He assured the global business community that the MIF would adhere to the highest standards of governance and expressed interest to work with international financial institutions in ensuring the successful roll out of the Fund.

The Philippine economic team garnered strong interest in the MIF during a breakfast interaction with global business leaders from infrastructure, financial services, mining and information technology sectors. The MIF launch was broadly supported by the “magnificent seven” Philippine business tycoons: (1) Mr. Ramon Ang of San Miguel Corporation; (2) Mr. Sabin Aboitiz of Aboitiz Group; (3) Mr. Jaime Augusto Zobel de Ayala Ayala Corporation; (4) Mr. Lance Gokongwei of Gokongwei Group; (5) Mr. Enrique Razon Jr. of International Container Terminal Services Inc. (ICTSI); (6) SM Group’s Teresita Sy-Coson; and (7) Mr. Kevin Tan Alliance Global Group Inc.

The President underscored the government’s big-ticket projects focusing on agricultural development, energy, infrastructure and digitalization, as part of the country’s post-pandemic economic recovery “build better more” strategy and aligned with the Philippine Development Plan 2023-2028.

This interaction with WEF partners, global and business leaders provided an opportunity to showcase the Philippine development goals, as well as to intensify public-private partnerships in the pursuit of an inclusive and sustainable economic growth. END

House Speaker Ferdinand Martin Romualdez leads the small group discussions on the Philippine economy and programs together with Senator Mark Villar, Mr. Ramon Ang of San Miguel Corporation, Mr. Kevin Tan of Alliance Global Group, Ambassador Manuel Teehankee, and WEF partners. (Photo courtesy of Mathias Josi)

Former President Gloria Macapagal Arroyo joins Trade Secretary Alfredo Pascual, Mr. Enrique Razon of ICTSI, Mr. Lance Gokongwei and Ms. Cecile Ang of San Miguel Corp. in a discussion on country’s economic goals (Photo courtesy of Mathias Josi)

For more information, visit https://wtopm.dfa.gov.ph/.