Diokno pitches Maharlika Fund to biz in Gulf countries

In a statement Thursday night, Diokno said the agency is working closely with the Office of the President in enhancing the guidelines of the MIF and has assured that the sovereign wealth fund will be operational by the end of this year. (File Photo: Department of Finance/Facebook)

MANILA – Department of Finance (DOF) Secretary Benjamin Diokno has pitched the Maharlika Investment Fund (MIF), the Philippines’ sovereign wealth fund, to business leaders in Saudi Arabia during a roundtable meeting with the private sector on Thursday.

In a statement Thursday night, Diokno said the agency is working closely with the Office of the President in enhancing the guidelines of the MIF and has assured that the sovereign wealth fund will be operational by the end of this year.

President Ferdinand R. Marcos Jr., who is leading the Philippine delegation to the Association of Southeast Asian Nations-Gulf Cooperation Council (ASEAN-GCC) Summit in Riyadh, deferred the implementation of the MIF to further study the implementing rules and regulations (IRR) of the law.

Despite moving the implementation, Diokno has emphasized the vital role of the MIF in the country’s economic development.

“The MIF stands as a cornerstone for financing the infrastructure projects of President Ferdinand R. Marcos, Jr.’s administration, which are crucial to achieving sustained and inclusive economic growth. We are steadfast in our commitment to seeing the Fund off and running before the end of 2023,” said Diokno, who is also set to chair the Maharlika Investment Corp.

Earlier, Trade Secretary Alfredo Pascual said the trip to Saudi Arabia aims to boost the Philippines’ investment and trade ties with the country.

“We will deepen engagement with the business community of the Kingdom of Saudi Arabia,” Pascual said.

Malacanang Palace also announced that Marcos bagged USD120 million worth of “deals” during his visit in the Middle East country, which will benefit “more than 15,000 Filipinos in training and employment opportunities across a wide range of professions in the construction industry.”

The President has yet to give further details on the signed agreements between the Philippines and Saudi Arabia.