Phl seeking investment opportunities, other sovereign wealth funds

President Ferdinand Marcos Jr. recently said that the Philippines is looking to co-finance projects with foreign investors, multilateral institutions, and sovereign wealth funds worldwide.

In a roundtable discussion with Singaporean business people, Marcos said the government is committed to supporting businesses as the country works towards its economic agenda.

"We look forward to exploring co-financing opportunities with foreign investors, with multilateral institutions, and other sovereign wealth funds around the world," Marcos said.

For context, Marcos urged foreign investors during his speech at the 10th Asia Summit in Singapore to invest in the Philippines as the country recently launched the Maharlika Investment Fund.

He pointed out that the fund is designed to consolidate investable funds from government and financial institutions to further drive economic development through strategic investments both domestically and overseas.

Hence, Marcos assured Singaporean businesses of the government's support during the roundtable discussion with Singaporean entrepreneurs.

"So, to our partners in Singapore, I offer you the assurance of our greatest efforts in supporting businesses as we work together in achieving our economic agenda and making the Philippines your destination of choice for investment," he said.

Marcos added that the Philippines is currently seeking investments in various sectors, including infrastructure, energy, and manufacturing.

The government is also hoping to attract foreign investment in its tourism and agriculture sectors.

In an open forum, Marcos stressed the need to invest as the government had started to "worry about borrowings."

"So we need to invest more and where can we get funding to invest more without increasing our borrowings. And so we look into internally and so what are the reserves that we have that are not, in our view, were not being used," Marcos said.

Marcos said that politicians would not get involved in the MIF, adding that it could fail if they meddled in its management.

"If the politicians get involved, then the decisions are no longer purely financial in nature… that causes failure I think and that doesn't make an efficient management of a fund," Marcos said.