NextGen Day

According to Benjamin Diokno, the finance secretary, another possibility to help finance the government’s infrastructure needs is the proposed sovereign wealth fund of the Philippines.

Diokno stated that the wealth fund is “intended to fund initially, or substantially our infrastructure needs for a generation” during the Philippine economic briefing in London, United Kingdom, which was attended by economic managers, officials of financial institutions, and foreign investors, among others.

In addition to the cash that the government can borrow from multilateral like the World Bank (WB) and the Asian Infrastructure Investment Bank, he claimed that the administration wants to make use of the monies that are available domestically (AIIB).

“However, our nation has a lot of wealth. For instance, if we had funded this wealth fund using the Malampaya Fund, it would have cost around $20 billion. That was something we could’ve utilized, he said.

The money the government receives from the Malampaya Deep Water Gas-to-Power project in Palawan makes up the Malampaya Fund. It is employed, among other things, in the estate’s discovery and development of energy resources.

Dividends from GOCCs and profits from the privatization of public assets are two additional potential financing sources for the planned wealth fund, according to Diokno.

He claimed that given the mining industry’s recent reopening after an almost ten-year closure, the government could also use the money generated by this industry.

“So it’s a new source of finance for our significant infrastructure requirements. That’s pretty much it, he said.

Amenah Pangandaman, the budget secretary, stated during the same briefing that the Philippines is thinking about creating a wealth fund akin to the Indonesia Investment Authority.

Therefore, she explained, “it’s primarily about funding our development, expensive infrastructure projects.

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