President Ferdinand Marcos Jr. on Wednesday invited foreign investors as he promoted the Maharlika Investment Fund, the country’s sovereign wealth fund, at the 2023 Asian Summit of the Milken Institute in Singapore.

“We have also recently launched our own sovereign fund, the Maharlika Investment Fund. The fund is designed to consolidate investible funds from government financial institutions to further drive economic development through strategic investments both domestically and overseas,” Marcos said in a speech.

Marcos signed the Maharlika Investment Fund into law in July.

Marcos, who turned 66 Wednesday, is in Singapore to speak at the summit and to meet business leaders.

He said the country showed “remarkable resilience” in the face of global volatility.

“We sustained consistent GDP growth, bolstered by prudent fiscal management and monetary policy. Despite high inflation and global market instability, our economy grew by 6.7 percent in 2022, the fastest rate of growth recorded by our country since 1976, coincidentally in the time of my father.,” Marcos said.

“Our growth story is underpinned by a strong domestic demand and increasing fixed capital investment as a result of upbeat domestic activity and improved business confidence. We are a large market. We comprise of 110 million consumers whose demand fuel our current and future growth,” he added.

As part of persuading the investors, he also mentioned the amended Public Service Act which allows the liberalization of key public services by allowing full foreign ownership of businesses in selected industries such as airports, railways, expressways, and telecommunications.

Marcos said the Philippines offers a “myriad of opportunities in various sectors” including tourism, renewable energy, e-commerce, and manufacturing.

“We are a nation on the rise, ready to collaborate with partners who see the potential that we hold in the Philippines,” he said.

Marcos added that the strategic location in Asia and its participation in regional trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) positions it as a “gateway to countless possibilities”. Jaspearl Tan/DMS