To encourage robust foreign investments, President Ferdinand R. Marcos Jr. outlines investment opportunities for the Maharlika Investment Fund (MIF) at 10th Asia Summit in Singapore on Wednesday.

President Ferdinand R. Marcos Jr., speaking out on the Maharlika Investment Fund (MIF) during the 10th Asia Summit Fireside Chat, said the government will be tapping mainly on its unutilized reserves to find investment opportunities , and that the fund will be run by professionals without intervention from politicians.

“We looked internally and saw what are the reserves that we have that are not being, at least in our view, were not being used. I think we all are familiar with the concept, that money cannot sit in the bank and do nothing. It must work. So, that’s our way of putting it to work. And that partnering with private sector partners or even G2G partners and without a worrisome increase of our borrowings and with hopefully a sufficient fund,” Marcos said.

Marcos said that by putting up the Maharlika Investment Fund is the government’s way of tapping the country’s reserve for investment without increasing borrowings,

Marcos outlined to policymakers and economic managers during the gathering that infrastructure, energy development, and agriculture are among the investible opportunities in the Philippines with regard to the MIF.

Marcos invited businesses during the Asia Summit to invest in the Philippines, saying that the country is open for business and ready to partner with them in shaping a brighter future.

“This will go into infrastructure, into power development. Again, those main elements are healthcare, all of the areas that we have identified as priorities. So, to make a list, it’s really — for us it’s agriculture, it’s energy, it’s ease of doing business, it is also the tax structure that we have to transform,” Marcos said.

Marcos assured that the government would not run the fund but by professional fund managers to maintain independence in financial operations and policymaking.

“That is one of the main assurances that I had to give. But that was always the concept behind it. The main assurance that we had to give was that it’s not going to — because when the politicians get involved, then the decisions are no longer purely financial in nature and that causes failure, I think. And it doesn’t make it an efficient management of the fund,” Marcos said.

The Asia Summit 2023 focuses its discussions on issues about peace and stability, inequality, cultural differences, and irreparable environmental damage.

Hosted by the Milken Institute, a non-profit think tank, the Asia Summit holds a decade-long work that focuses on public health, environmentalism, economic policy, and globalization.

Marcos is the first sitting Philippine President to address the summit, where he discussed priority policies and programs before economic managers and business leaders.

Aside from Marcos, Malaysian Prime Minister Anwar Ibrahim would also be addressing the annual gathering.