Maharlika gets huge interest
President Ferdinand “Bongbong” Marcos Jr.’s business pitches and the administration’s proposed sovereign wealth fund have garnered “a lot of interest” among delegates of the World Economic Forum in Davos, Switzerland, according to Senator Mark Villar.
In an interview with the Presidential Communications Office on Wednesday, Villar said many have expressed their interest in doing business in the country after the President highlighted its significant economic gains amid the pandemic during the Country Strategy Dialogue in the Philippines.
“Many people have become interested in doing business in the Philippines and of course in the sovereign wealth fund because it is a fund that they see that we can use to speed up the development of our country,” Villar, who joined the President in his trip said. “Of course, as investors they also want to see that we are active in developing infrastructures and in the products or funds that can help the government.”
Maximizing state assets
The public works secretary turned senator explained that the sovereign wealth fund is a mechanism for maximizing the government’s assets that would result in the faster completion of services, particularly in the infrastructure sector. “This wealth fund generates income, it is not a cost. This is an investment. While we have assets that the government uses to generate income, the income is not being maximized,” Villar said.
“So through the wealth fund, there will be additional income and the fiscal situation of our country will improve.”
Expressing support for the proposed MIF, which remains pending in the Senate, Villar said that social welfare development projects intended to benefit the poor will be prioritized when using the sovereign wealth fund.
The senator, whose father is the richest Filipino real estate magnate Manny Villar, expressed confidence that Marcos’ participation in the WEF would bring “more investments” to the Philippines.
“President Bongbong Marcos is working non-stop here in Davos and having countless meetings to attract additional investments in our country,” Villar said.
“When there is an additional investment, of course, the opportunities in our country will increase, the job opportunities in our country will increase and our economy will prosper even more.”