The Kingdom of Saudi Arabia has signified to President Ferdinand R. Marcos Jr. its intention to invest in the Maharlika Investment Fund (MIF) along with other countries.

In an interview with the Malacañang reporters at the sidelines of his attendance to the ASEAN-GCC Summit in Riyadh, President Marcos said that the MIF has received positive response not only from the Kingdom of Saudi Arabia, but also of some other Gulf countries.

“We introduced to them the Maharlika Investment Fund, and that was, that 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” President Marcos said, referring to Saudi’s Public Investment Fund.

“And it is not only Saudi Arabia, it is also other Gulf countries who have expressed an interest. And 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, very encouraging at gusto talaga nila na magkaroon, na tumulong at makilahok sating investment dahil naipakita naman natin na magandang invest talaga para sa kanila ito” he added.

President Marcos expressed confidence that the MIF is now even getting more attractive to foreign investors as the country started to introduce it to potential investors.

“I’m confident that once we get it operationalized, once we are able to start talking in detail with not only the investment funds but even private corporations and other governments as well, and that is, that is precisely the role that we have envisioned for, for the sovereign fund, the Maharlika Fund. And that is what the direction that it has taken,” he said.

President Marcos has attended the ASEAN-GCC Summit where he met leaders of the two regional blocks and discussed investment opportunities in the Philippines.

Philippine business delegation bagged $120 million worth of investment agreement between Saudi’s Al Rushaid Petroleum Investment Company and Samsung Engineering NEC Co. Ltd., and Philippines’ EEI Corp. for construction export services.

The Philippines has also received $4.14 investment pledges from various Arab business leaders. |PND

Photo Courtesy of PCO