Invest in MIF, PBBM urges Saudi bizmen

RIYADH, Saudi Arabia — President Ferdinand Marcos Jr. and his economic managers portrayed a healthy and robust Philippine economy as he encouraged Saudi Arabian businessmen to participate in the nation's recently established sovereign wealth fund, Malacañang said on Friday.

In a statement, the Palace said Marcos pitched the Maharlika Investment Fund to Saudi business executives, hoping to gain from their investments and wealth of financial management know-how.

"At the forefront of these opportunities is the recently launched Maharlika Investment Fund, the Philippines' first-ever sovereign investment fund designed to drive long-term economic development through increased investments in high-impact sectors," Marcos said.

"We look forward to benefiting not just from Saudi investments but also from the Kingdom's extensive experience in managing such funds," he added.

In response, Saudi Ministry of Investment Minister Khalid Al-Falih said Saudi investors are keen to learn from the Philippines' financial sector.

Al-Falih said the MIF was of particular relevance to the Saudi business community.

"We want to connect you to key Saudi investors with impressive success stories to share and with the desire to continue building our international presence by investing with partners across the globe, the Philippines being a key one," Al-Falih said.

He added: I am pleased that we are joined today by leaders of the sector from Saudi Arabia who are eager to learn more about one of ASEAN's most exciting markets and about the Maharlika Investment Fund that you have launched under your administration."

The Saudi government, he said, may provide information about their "extremely successful banking sector." He applauded the Philippine government's efforts to have a cashless society, one that uses mobile money as well, by 2030.