Speaker Ferdinand Martin G. Romualdez, Senate President Juan Miguel “Migz” Zubiri and former President turned-Senior Deputy Speaker Gloria Macapagal Arroyo of Pampanga pose for a picture during the Philippine Business Opportunity Forum at the Tokyo Palace Hotel in Tokyo, Japan Friday.
TOKYO, Japan — A high-ranking financial executive from Japan has expressed strong interest investing in the proposed Maharlika Investment Fund (MIF), House of Representatives Speaker Ferdinand Martin Romualdez said.
Romualdez in an interview with members of the Philippine press on Friday night here said that the official expressed the interest during the dinner of President Ferdinand “Bongbong” Marcos Jr.’s delegation hosted by the Mitsui & Co. and Metro Pacific Investments Corporation (MPIC) last Wednesday.
He also said that there are stakeholders who believe that the potential of the MIF is higher than Indonesia’s own sovereign wealth fund, the Indonesia Investment Authority (INA).
“It was during our conversation that he expressed strong interest (in the Maharlika Investment Fund) and in the possibility of investment in the proposed sovereign wealth fund, particularly for the power sector,” Romualdez, who is part of Marcos’ entourage, said.
“So that’s very good, that we’re getting support (for the Maharlika Investment Fund),” he added.
Romualdez said the interest from the Japanese official came as they thought it would be managed properly by the government.
“Usually a sovereign wealth fund (SWF) attracts a lot of foreign capital because those running the sovereign wealth fund are experts in the field of finance, trade, and banking, known for their probity and their integrity,” he said.
“It’s what they call international best practices to have one and that’s why we’re fortunate that we in Congress were able to pass it this fast. And obviously thanks to the contributions and all the great ideas of our fellow congressmen and of course from the public, through the media,” he added.
Prior to this, the House Speaker said that he thinks the MIF would be approved after Easter Sunday or April 9. According to Romualdez, Senators liked House Bill No. 6608 which was approved last December 15, 2022.
READ: Maharlika fund could get approved after Easter Sunday — Romualdez
The House last December 15, 2022 passed HB No. 6608 on the third and final reading, on the same day it was passed on second reading as Marcos certified the bill as urgent.
Earlier, Romualdez and other House officials filed HB No. 6398 — the original version of HB No. 6608 — a SWF which the government can tap for investments both local and abroad.
It initially drew controversy after the original version of the bill included P125 billion worth of funds from the Government Service Insurance System (GSIS) and P50 billion from the Social Security System (SSS) — stroking fears that pensioners may lose their funds if investments made by the MIF fail.
Eventually, the GSIS and SSS funds — including the funds from the national budget — were removed from the list of fund sources of the MIF. The final version of the bill which was approved by the House before the session break last December also explicitly stated that the MIF would never source funds from both GSIS and SSS.
READ: Proposed Maharlika Fund would no longer include SSS, GSIS funds — Quimbo
Marcos will be in Japan until February 12. Prior to this meeting, the President met with members of Japan’s Imperial Family and then Prime Minister Kishida Fumio.
He also talked with various businesspeople in Japan, particularly with shipowners, from tourism industry, and those who operate semiconductor and electronics firms.