Other Gulf states express interest in Maharlika

RIYADH – Aside from Saudi Arabia, other countries in the Gulf region have signified interest in the Maharlika Investment Fund (MIF), according to President Marcos.

In an interview with the Philippine media delegation at the InterContinental Hotel here early Saturday (Manila time), Marcos said he is “encouraged” by the the positive response not only of Saudi Arabia, but also of other members of the Gulf Cooperation Council (GCC) to his invitation for them to invest in the MIF.

Marcos and the other leaders of the Association of Southeast Asian Nations met with GCC leaders here on Friday for the inaugural ASEAN-GCC Summit aimed at strengthening ties and cooperation between the two regional groupings.

GCC members include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates; while Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam compose the ASEAN.

“We introduced to them the Maharlika Investment Fund, and that was, that has proceeded very quickly and we have gone into, we have already started, we detailed talks with their PIF (Public Investment Fund), which is the equivalent here in Saudi Arabia. It is their investment fund and how we can do it, how we can work together,” Marcos said.

Malacañang earlier said two of Saudi’s largest financial institutions – the PIF of Saudi Arabia and Jada – are considering putting money into the MIF, the Philippines’ first sovereign wealth fund.

PIF is one of the world’s largest sovereign wealth funds, while Jada was established by the PIF with nearly $1 billion in capital.

“And it is not only Saudi Arabia, it is also other Gulf countries who have expressed an interest. And I am very encouraged and quite happy by the fact that the reaction that we got from our partners in Saudi Arabia and in other countries has been very, very encouraging and they really want to have, to help and invest in the (MIF) because they really see it as a good investment,” Marcos said partly in Filipino.

The President, however, did not mention the other Gulf states that express interest in the MIF.

The Chief Executive believes the MIF would get the interest of more foreign investors once it