BUSINESS AGREEMENTS President Marcos shakes hands with one of Saudi Arabia’s business leaders after members of a Filipino business delegation on Thursday signed several agreements worth more than $4.26 billion with their Saudi partners, a day before the Association of Southeast Asian Nations-Gulf Cooperation Council Summit in Riyadh. —PPA POOL PHOTO
MANILA, Philippines — The Kingdom of Saudi Arabia, along with some of the Gulf countries, have signified to President Ferdinand Marcos Jr. their intent to invest in the Maharlika Investment Fund (MIF), the Presidential Communications Office said on Saturday.
According to the communications office, at the sidelines of his attendance in the Association of Southeast Asian Nations-Gulf Cooperation Council (Asean-GCC) Summit, the President said in an interview with reporters that the MIF received positive responses from the Gulf countries.
Marcos shared that they introduced MIF to the Kingdom of Saudi Arabia, talked about the Saudi’s Public Investment Fund, and discussed how the two can work together.
“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,” he said.
“At gusto talaga nila na magkaroon, na tumulong at makilahok sating investment dahil naipakita naman natin na magandang investment talaga para sa kanila ito” he added.
(And they really want to have, to help, and engage in our investment [fund] because we were able to show that this is really a good investment for them.)
The Palace said the President also expressed confidence that the MIF now attracts more foreign investors as the Philippines started introducing it.
“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,” Marcos said.
In the summit, the President met with leaders of Asean and GCC, and discussed investment opportunities for the Philippines, the Palace said.