June 19, 2024

The Insider News

Direct from the source

Speaker lauds PH mission to WEF, successful promotion of MIF in Davos

SPEAKER Ferdinand Martin G. Romualdez commended the entire Philippine delegation to the 2024 Annual Meeting of the World Economic Forum (WEF) for the success of their mission to promote global awareness of the Maharlika Investment Fund (MIF) and bolster the country’s competitiveness in attracting foreign investments. 

Romualdez made the statement before flying back to the Philippines Friday night (Switzerland time) to lead the resumption of the session of the House of Representatives on Monday. 

“I am grateful for the invaluable contributions of each member of the Philippine delegation to this year’s WEF meet which enabled us to make significant inroads in focusing international attention on the MIF and the bright prospects for investing in the Philippines,” said Romualdez, head of the Philippine delegation to the WEF meet held Jan. 15-19 in Davos, Switzerland. 

Other key members of the PH delegation to the WEF 2024 include Maharlika Investment Corporation CEO Rafael Consing Jr., Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, and Energy Secretary Raphael Lotilla. 

“The interest in the MIF and the Philippines we have generated through our various engagements in the forum augurs well for the success of the WEF CEO Roundtable that President Ferdinand R. Marcos, Jr. will host in Manila on March 18-19,” he added.

Envisioned to take place at the Malacanang compound in Manila, the event hopes to welcome more than 50 representatives both from local and international companies and organizations with a special focus on foreign funds and investment companies interested in exploring opportunities related to the MIF.

Romualdez also credited the crucial support provided by Ambassador Manuel A.J. Teehankee, World Trade Organization (WTO) Permanent Representative and the Philippine Embassy in Switzerland headed by Ambassador Bernard Faustino Dy for the gains achieved by the PH delegation to the 2024 WEF. 

According to Teehankee, the Speaker has been designated by President Marcos to continue to raise the awareness on the Philippines as an investment destination and to present to the Davos community the MIF as an actual entity, as he promised during his visit in 2023.

Attending various sessions of the WEF 2024, Romualdez had meetings and interactions with fellow political leaders such as Eric Nussbaumer, President of the National Council (Parliament) of Switzerland, as well as with Vietnam Prime Minister Pham Minh Chinh. 

He also had engagements with several leading sovereign wealth fund managers like Israfil Mamadov, Chief Executive Officer at the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and Lim Boon Heng, chairman of Singapore state investment firm Temasek Holdings Limited. 

The Maharlika Investment Fund and the Philippines also received attention from leading international media organizations. 

The Speaker was one of the featured guests during the “Learning from ASEAN” session at the World Economic Forum Annual Meeting live panel discussion hosted by CNN anchor Julia Chatterley.

He was was joined in the panel discussion by Pham Minh Chinh, Prime Minister of Viet Nam, Srettha Thavisin, Prime Minister of Thailand, and Ngozi Okonjo-Iweala, Director-General of World Trade Organization (WTO).

Romualdez’ statement on the plan of the Philippines to propose a Southeast Asian regulatory framework to set rules on artificial intelligence was reported by an international news wire service and saw publication in various international news website. 

Likewise, MIC CEO Consing had a one-on-one interview with Haslinda Amin on Bloomberg TV on the features and prospects of the MIF. He also bared that other foreign wealth funds, especially from the Middle East and ASEAN countries, have shown interest in the MIF. 

As part of its effort to explain explain the features of the MIF and the key advantages of the Philippines as a destination for foreign investments the Philippine WEF delegation also held a roundtable breakfast discussion with executives from leading foreign business interests and wealth fund managers. 

During the roundtable discussion, Romualdez other members of the Philippine delegation cited the robust economic growth spurred by sound economic fundamentals, a young and English-speaking workforce, and ongoing reforms to further enhance the country’s competitiveness and make it more friendly to foreign investors. (