Marcos to do soft launch of Sovereign Wealth Fund at WEF
President Ferdinand Marcos Jr. will tackle the Sovereign Wealth Fund during the World Economic Forum (WEF) that will start next week, a Department of Foreign Affairs (DFA) official said on Thursday.
Foreign Affairs Undersecretary Carlos Sorreta agreed that the World Economic Forum is a great venue for the soft launch of the Maharlika Fund.
"He said 'You know, let’s talk about the Sovereign Wealth Fund that’s being set up'," Sorreta said, quoting the president.
"I agree completely with the President, the World Economic Forum is a great venue to do a sort of soft launch for our Sovereign Wealth Fund given the prominence of the forum itself, and global and business leaders will be there," he said.
"They will hear directly from the President what fundamentals that we have, and that (will) lead us to decide that we should have a Sovereign Wealth Fund. So, that’s one of the things we’re preparing for Davos," he added.
Because the Maharlika Fund has not yet secured its final approval from the Congress, Sorreta said it will be '' more of a soft launch.''
" I understand it is evolving, we have the fullest respect for the Congressional process, and the open hearings that they’re having, and how to work out the details but the broad strokes with the President have a very, very good grasp of what he wants to achieve, whatever form the Sovereign Wealth Fund finally takes," he said.
"What’s very important is it’s an investment in the future, and there’s great confidence the President has in the ability, and capabilities of Filipino entrepreneurs, and local investors even," said Sorreta.
He noted that the DFA is "working with the Department of Finance and Department of Trade (and Industry) to come up with very precise targeted messages for the President, again, in terms of broad strokes."
Sorreta said Marcos will be "interacting in many of the events, panels with global leaders" however, he noted that "one-on-one bilateral might be difficult" because all the leaders are either leading opening sessions or panelists.
"The opportunity for bilateral (meeting) will be when he’s there, sitting beside for example the Prime Minister of Belgium or the President of Korea. It’s not that kind of meeting, it’s not like APEC or ASEAN, it’s a different dynamic altogether. It’s really a bit different.," he said.
"The bilateral will be mostly when they’re in the same room together. And he has expressed interest, he is a very focused person... And we’re preparing all the talking points not just with the global leaders but also heads of financial institutions that he wants to meet," he added.
Marcos and the Philippine delegates will join the World Economic Forum in Davos, Switzerland from January 16 to 20. Robina Asido/DMS
