Marcos' foreign trips no gains yet for Maharlika investments? — MIC chief

President Ferdinand Marcos Jr.’s foreign trips have not yet attracted investors for the Philippines' first sovereign wealth fund.

“Wala pa (None so far). We haven't opened ourselves yet. So, you want to build the credibility first, and then we will open up,” Maharlika Investment Corporation (MIC) president Rafael Consing Jr. explained to reporters during a press briefing in Malacañang on Tuesday when asked if the President’s foreign trips had resulted in investments for the Maharlika Sovereign Fund.

Despite this, Consing remained optimistic that the MIC would secure several foreign investments within the year.

He noted that the MIC is anticipating “three to four significant ones.”

Although he did not specify the sectors involved, Consing mentioned that these would be from “global institutional investors.”

Consing also noted there had been “a significant number of inquiries” from foreign institutions.

He emphasized, however, that the MIC needs to establish its credibility before engaging with foreign investors.

“Yes, there have been quite a number of queries coming from potential investors. But first, we need to develop our track record,” he said.

Marcos previously stated that the Maharlika Investment Fund is designed to attract foreign capital to stimulate the country’s economic growth.

On the other hand, Consing stressed that there was no delay in securing the first investment venture, explaining that finding and executing investments takes time.

"It takes a bit of time in terms of looking for and executing these investments. I would not look at this as a delay but rather as the necessary time to undertake investments,” he explained.

Consing had previously mentioned that the MIC intended to invest in the energy sector but noted the challenges in identifying and executing such investments.