President Ferdinand 'Bongbong' Marcos Jr. will be 'soft launching' the proposed Maharlika Wealth Fund on the world stage at the World Economic Forum in Davos, Switzerland which is slated next week.
While the House of Representatives has already approved the bill, which seeks to create the sovereign fund, the Senate has yet to deliberate on it.
In a press briefing on Friday, DFA Undersecretary Carlos Sorreta said it was the Chief Executive's idea to tackle the controversial sovereign fund at the WEF, adding that it will be a "great venue" to soft launch.
"The World Economic Forum is simply a great venue to do sort of [a] soft launch for our sovereign wealth fund, given the prominence of the forum itself and the global and business leaders who will be there and they will hear it directly from the president," Sorreta said.
Sorreta added that other countries and business leaders have also done similar “soft launches” of their local initiatives of the business product during past WEF events.
"What’s very important is it’s an investment in the future and there’s great confidence the President has and the capability of the Filipino entrepreneurs and local investors even," the DFA official said.
House Bill 6398 or the Maharlika Investment Act aims to create a sovereign wealth fund that will be utilized by the national government for investments.
The overall investment returns or the money that will be reaped will be allocated for government programs and long-term projects such as dams, electric grids, and among others.
In the explanatory note of the bill, the proponents also stated that the passage of the MIF is essential in order to achieve the economic goals of the Marcos administration.
Marcos Jr., along with the country’s economic team of government officials and business leaders, will be in Davos next week, from January 16 to 20.
The Palace said the President will focus his discussions on the country’s and the region’s economic potential as well as the country’s priorities in nutrition, food security, and energy.
