President Ferdinand R. Marcos Jr. has invited Arab businesses to invest in the Philippines and be part of the country’s development, saying investments in key sectors will ensure higher growth.MANILA, Philippines — After hitting pause on the implementation of the Maharlika Investment Fund, President Ferdinand “Bongbong” Marcos Jr. on Thursday encouraged business leaders in Saudi Arabia to invest in the country’s newly created sovereign wealth fund.
Marcos flew to Saudi Arabia on Thursday to join other leaders from the Association of Southeast Asian Nations and Gulf States in a summit where key issues on regional trade and digital transformation are expected to be discussed. Implementation of the Maharlika Investment Fund was temporarily suspended this week after an October 12 memorandum from the president stated that more time is needed to further study its implementing rules and regulations and ensure that safeguards are in place “for transparency and accountability.” that the government was backpedaling on the MIF, which the president’s allies in Congress rushed to approve this year.
Business communities in Saudi Arabia also want to “learn more about the newly-launched Maharlika Investment Fund that you have launched under your administration,” Al-Falih said, addressing Marcos. The government is pushing for $1.7 billion worth of projects to boost digital connectivity in the country in a bid to fuel...
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