Belgian wealth fund managers to explore Phl investments

Belgium's sovereign wealth fund managers are looking to visit the country to explore investments in Philippine firms engaged in a range of public services, the Department of Finance said Saturday.

DoF Secretary Benjamin Diokno and officers of the Federal Holding and Investment Company or La Société Fédérale de Participations et d'Investissement discussed opportunities in public-private partnerships in finance, aeronautics and mobility, health, utilities and impact investing.

"Koenraad Van Loo, CEO of SFPIM, shared that the company is keen to visit the Philippines to explore partnerships in its priority sectors," a statement from the DoF said.

"SFPIM preserves the long-term stability of the Belgian economy by contributing to the anchoring of strategic assets through smart capital solutions for both promising and established companies," the DoF added.

According to the 2023 World Competitiveness Ranking, Belgium is 13th out of 64 countries in economic performance. The country is also among the top in business efficiency at fifth place and tenth in infrastructure.

The Philippines, on the other hand, ranks 40th in economic performance and business efficiency, and 58th in infrastructure.

Long-term economic growth

President Ferdinand Marcos Jr. has vowed to boost infrastructure development for national long-term economic growth through proceeds from the Maharlika Investment Fund which his administration expects to be activated before the end of the year.

The Philippine sovereign fund is open to local and foreign investors in the public and private sectors, and aims to support 197 flagship infrastructure projects worth a total of some $155 billion.

Diokno said the DoF has met with foreign government and business leaders at the European Union's first Global Gateway Forum last 25 to 26 October in Brussels, Belgium to also discuss the Philippine sovereign fund.

The Finance Secretary said he talked to the Belgian Investment Company for Developing Countries or BIO led by its chief executive officer Luuk Zonneveld.

"Discussed were opportunities to finance projects in the Philippines that drive sustainable development, particularly gender equality, climate action, and decent work," he said.

BIO uses private funds to support small and medium businesses, and financial institutions also in Africa and Latin America.

Confident in the administration

Meanwhile, Professor Dindo Manhit of business consultancy outfit, Stratbase ADR Institute  said he is confident the Marcos administration can attract more foreign investments in agro-industrial and digitalization through its participation in global economic meetings abroad.

"By establishing strong links in the economic space, the Philippines can further solidify its role in the global supply chain," Manhit said.

"We are confident that this administration will continue to advocate for reforms that will ensure our economic growth to make the country a premiere investment destination," he added.