The Philippine government has already started detailed talks with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, as the Gulf countries want to invest in the Maharlika Investment Fund (MIF).

In a roundtable interview with the reporters on Saturday morning (Manila time), President Ferdinand Marcos Jr. said that the discussions on the MIF have "proceeded very quickly" after he pitched the sovereign wealth fund to Saudi Arabian officials and business leaders during his recent visit to the Kingdom.

Marcos also said other Gulf countries have expressed interest in the Maharlika Investment Fund. He added that the reaction to the fund from Saudi Arabia and other countries has been "very encouraging."

"We introduced to them the Maharlika Investment Fund, which has proceeded very quickly and we have gone into, we have already started, we detailed talks with their PIF, which is the equivalent here in Saudi Arabia. It is their investment fund and how we can do it, how we can work together," Marcos said.

"I am very encouraged and quite happy by the fact that the reaction that we got from our partners in Saudi Arabia and in other countries has been very encouraging and they really want to have the opportunity to help and participate in our investment because we've shown that this is a truly good investment for them," Marcos added.

Marcos said that the concept of a sovereign wealth fund for the Philippines is becoming "more and more attractive" as the government talks to more prospective partners.

He expressed confidence that the fund will be operationalized soon, once the government is able to start talking in detail with not only investment funds but also private corporations and other governments.

"That is precisely the role that we have envisioned for the sovereign fund, the Maharlika Fund and that is the direction that it has taken, and again our partners have become — have been very, very encouraging in their reaction to what have presented to them," Marcos said.

Enacted in July this year, the Maharlika Investment Fund was established with the goal of using government assets for investments to enhance public finances.

Before heading to the ASEAN-GCC Summit in Saudi Arabia, he reassured their commitment to making it operational by the end of the year.