Saudi business leaders have expressed strong interest in the Philippines’ Maharlika Investment Fund (MIF), the Department of Finance (DOF) said in a statement yesterday.
“I am very pleased that we are joined today by leaders and the sector from Saudi Arabia who are eager to learn more about the investment opportunities in one of ASEAN’s most exciting markets and learn more about the newly-launched Maharlika Investment Fund that you have launched under your administration,” Minister of Investment of Saudi Arabia Khalid Al-Falih said in his welcome remarks during the Saudi-Philippines Roundtable Meeting on October 19 in Riyadh, Saudi Arabia.
As head of the administration’s economic team, Finance Secretary Benjamin Diokno briefed investors on the fund’s purpose, safeguards and investment opportunities.
“Maharlika seeks to work with other sovereign wealth funds, both as an investment partner and peer in the global sovereign wealth fund community. We look forward to exchanging views and learning from the best practices of top-of-class funds, such as those here in Saudi Arabia,” he said.
Following their respective capital infusions to the MIF, the DOF assured the public that state-run banks Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) maintain their solid financial positions.
Diokno clarified that the banks’ initial capitalization for the MIF were secured from their investible funds, which do not affect loanable funds to farmers and other sectors.
Diokno reiterates that the participation of these government financial institutions would help increase the MIF’s investment base and could result in significantly higher rates of returns.
“We are continuously talking to all stakeholders involved in order to ensure the best possible outcome for the Fund. Both Lankbank and DBP are resolute in their commitment to responsible financial management and shall have proper representation in the Board,” Diokno said.
