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On Monday, House Speaker Ferdinand Martin G. Romualdez expressed his confidence in President Ferdinand R. Marcos Jr.’s ability to introduce the nation’s sovereign wealth fund, highlight its accomplishments, and position the Philippines as a hub for international investment at the World Economic Forum (WEF) in Davos, Switzerland.

President Marcos “has demonstrated an excellent ability to articulate the interests of the Philippines as well as the significant gains achieved under his administration and the country’s direction for future growth” in his prior participation in a number of international fora, according to Romualdez.

Romualdez, a member of President Marcos’ official delegation to the WEF, said, “I’m convinced he will do the same in the WEF, particularly in exposing the Maharlika Wealth Fund to the global arena and in helping our local business leaders explore investment potential for the Philippines.”

Romualdez played a key role in setting up the meeting between Dr. Klauss Schwab, the founder of the World Economic Forum (WEF), and President Marcos outside the Association of Southeast Asian Nations (ASEAN) Summits held in Cambodia. Dr. Schwab then invited the President to the Davos summit.

Over 50 heads of state will attend the summit in Davos, together with top corporate executives, famous people, and well-known social activists.

Marcos told members of the Philippine media during an interview on his flight to Switzerland that the WEF is a fantastic opportunity to soft launch the Maharlika Investment Fund (MIF) and advertise the Philippines as a destination for investments.

282 out of the 312 members of the House who were also formally identified as co-authors of the proposal, or 90% of the house, voted in favor of House Bill (HB) 6608, forming the MIF bill, on December 16 of last year.

Romualdez, the bill’s primary author, confirmed that HB 6088 has sufficient protections against potential fraud and abuse.

President Ferdinand Marcos Jr. would be assisted in maintaining the nation’s strong growth rate by the proposed national wealth fund. We want to reassure the public that the fund’s management will adhere to best practices, the rules of accountability, and openness,” he emphasized.

In the same interview, Marcos noted that this year’s Davos forum’s new format gives the administration more freedom to express its efforts to entice foreign investment into the nation.

The President added that the WEF will give business executives from the Philippines the chance to network with peers from across the globe and explore potential commercial partnerships.

He stated that most of the time, the best transactions take place off-forum, particularly during “pull away” meetings where parties may have informal discussions about potential commercial ventures.

Therefore, the President added, “We will have a lot of those since there are some businessmen (attending the WEF) that our own business group wants to engage.”

The President claimed that he and the members of his delegation from the Cabinet could help Filipino businessmen arrange such meetings.

In addition to the fora, a lot of work, on the customary sidelines, will be done there, according to Marcos.

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