Photo: Ver Noveno
SPEAKER Ferdinand Martin G. Romualdez on Friday bared that a high-ranking official of one of Japan’s leading financial institutions has expressed strong interest in the proposed Maharlika Investment Fund and its potential to help the Philippine power sector adding that once enacted into law, the MIF will be a magnet for foreign investments into the country.
The Senate is currently deliberating on its own version of the Maharlika Investment Fund bill. “Maybe after Easter tapos (approved) na ‘yan (Maharlika),” Romualdez said. Although there are still questions on the proposed measure raised by some senators, Romualdez said this could help the Senate further fine-tune the bill approved by the House.
In an interview with members of the Philippine media at the Hotel Okura in Tokyo, Romualdez noted that he met the Japanese senior official during the dinner held Wednesday night for President Ferdinand R. Marcos, Jr. and the Philippine delegation, hosted by Mitsui and Metro Pacific Investment Corporation.
“It was during our conversation that he expressed strong interest (in the Maharlika Investment Fund) and in the possibility of investment in the proposed sovereign wealth fund, particularly for the power sector,” Romualdez said. Among others, the MIF is intended to help achieve the “Agenda for Prosperity” and the objectives of sustainable and inclusive growth and attract additional investments for big-ticket infrastructure projects and other development programs of the government.
According to Romualdez, the interest in the proposed Maharlika Investment Fund shown by the Japanese senior financial official is significant because he played a key role in setting up Indonesia’s own sovereign wealth fund known as INA (Indonesia Investment Authority).
Reports said that since its launch in February 2021 with initial funding of $5 billion from the Indonesian government, INA had raised more than $20 billion of co-investments from other foreign parties by the end of 2022. The Speaker said that according to the Japanese official, the growth prospect of the proposed Maharlika Investment Fund is “potentially higher” compared to INA.
“So that’s very good, that we’re getting support (for the Maharlika Investment Fund),” said Romualdez. In December last year, the House approved the bill creating the Maharlika Investment Fund, with around 90 percent of the chamber’s members supporting the passage of the measure.
Romualdez is the principal author of the measure. Romualdez attributed the overwhelming support of the House to the proposed sovereign wealth fund to the willingness of the proponents to address the concerns of critics and the openness of the leadership to accept proposed amendments to improve the measure.
“Over 70 countries have it and the batting average is over 90 percent success. It’s what they call international best practices to have one and that’s why we’re fortunate that we in Congress were able to pass it this fast,” Romualdez said.
