(Eagle News)–President Bongbong Marcos invited businesses to invest in the Philippines in his speech during the 10th Asia Summit in Singapore, noting the ease of doing business in the country.
According to the Presidential Communications Office, during his speech, the first-ever made in the summit by a sitting Philippine President, the President also touted the Maharlika Investment Fund, which he said was the government’s way of tapping the country’s reserves for investments without increasing borrowings.
“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 are all familiar with the concept, that money cannot sit in the bank and do nothing. It must work,” he said.
He gave the assurance the fund would be managed by professional fund managers to maintain independence in financial operations and policy-making.
“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,” he said.
“And it doesn’t make it an efficient management of the fund,” he added.
According to the President, infrastructure, energy development and agriculture are among the investible opportunities when it comes to the MIF.
He urged businesses to partner with the Philippines, further noting its strategic location, consistent GDP growth, and membership in regional trade agreements.
Hosted by a nonprofit think tank, the Asia Summit is an annual gathering where leaders discuss ways to create a more inclusive society.
Asia Summit 2023 focused on issues such as peace and stability, inequality, cultural differences and irreparable environmental damage.