Marcos says Maharlika fund 'operational by end of the year' despite suspension

Pia Gutierrez, ABS-CBN News

<h2>President to &#x27;introduce&#x27; investment fund to Middle East in Riyadh trip </h2><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="President Ferdinand Marcos Jr. leads the celebration of the Philippine Coast Guard’s 122nd founding anniversary at Pier 15 of South Harbor, Port Area, Manila on Oct. 17, 2023. Alfred Arias, NIB-PNA" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/10/19/20231017-bbm-coast-guard-anniv-pna-6.jpg"/><figcaption>President Ferdinand Marcos Jr. leads the celebration of the Philippine Coast Guard’s 122nd founding anniversary at Pier 15 of South Harbor, Port Area, Manila on Oct. 17, 2023.<em> Alfred Arias, NIB-PNA</em></figcaption></figure></div><p>MANILA (<strong>UPDATE</strong>) — President Ferdinand Marcos Jr. on Thursday said the Maharlika Investment Fund would be &quot;operational by the end of the year&quot; despite the suspension of its implementation. </p><p>Marcos <a href="https://news.abs-cbn.com/news/10/18/23/maharlika-fund-implementation-suspended-for-further-study-palace">suspended </a>the implementation of the Maharlika Investment Fund Law, pending a review of its Implementing Rules and Regulations. </p><p>&quot;The organization of the Maharlika Fund proceeds apace. And what I have done though, is that we have found more improvements we can make, specifically to the organizational structure of the Maharlika Fund,&quot; the President said. </p><p>&quot;The concept of the Maharlika fund as a sovereign fund, an investment fund...remains a good one and we are still committed to having it operational by the end of the year,&quot; he continued. </p><p>Marcos said the public should not misinterpret the suspension as “a judgment of the rightness or wrongness of the Maharlika fund.” </p><p>“On the contrary, we are just finding ways to make it as close to perfect and ideal as possible, and that is what we have done,” he said, adding that the decision was made in consultation with the country’s economic managers and people who would be involved in the fund.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/02/23/diokno-shuts-down-rumors-on-heading-maharlika-fund-board">Diokno shuts down rumors on heading Maharlika fund board</a></li>	<li><a href="https://news.abs-cbn.com/news/09/13/23/marcos-says-maharlika-fund-may-fail-if-politicians-are-involved">Marcos says Maharlika fund may fail if politicians are involved</a></li></ul><div> </div><p>“That is why their inputs have been very important and that is why we are going to utilize them to make it a better organization,” he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/15/23/land-bank-remits-p50-billion-to-maharlika-fund">Land Bank remits P50-billion contribution to Maharlika fund</a></li>	<li><a href="https://news.abs-cbn.com/business/10/15/23/landbank-says-it-has-enough-money-to-meet-bsp-requirements">Landbank says it has enough money to meet BSP requirements</a></li>	<li><a href="https://news.abs-cbn.com/business/09/15/23/govt-gets-applications-for-maharlika-fund-managers-dof">Gov&#x27;t gets several applications for potential Maharlika fund managers: DOF</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2848723" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div><strong>RIYADH TRIP</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2848995" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p> <br/>Marcos made the remark prior to his departure to Riyadh, Saudi Arabia to attend the ASEAN-Gulf Cooperation Council Summit on Friday.</p><p>He said &quot;important aspects&quot; of the trip included introducing the Maharlika Investment Fund to the Middle East. </p><p>In his departure speech at the Villamor Air Base in Pasay City, Marcos said he would also discuss with ASEAN and GCC leaders “the challenges of major geopolitical developments and the comprehensive and concrete enhancement of our security, economic, and socio-cultural collaboration.”</p><p>He said the summit would “serve as an important platform for the Philippines to highlight the need for cooperation in energy and food security, logistics and supply chains, digital transformation, the free flow of goods, people, and services, as well as the enhancement and protection of the rights of overseas workers.”</p><p>“I would like to point out that this is a particularly important conference because this is the first interaction between ASEAN and the GCC, both of whom are vibrant regions in terms of economic developments for the globe. This is why the Philippines needs to be part of this discussion,” Marcos said.</p><p>“It gives us, the Philippines a unique opportunity to advance our priorities in ASEAN under the ASEAN-GCC framework, while forging closer cooperation between the two dynamic regional organizations.” </p><p>Marcos said he would emphasize his government’s “advocacy for a rules-based international order to maintain peace, security, and stability in our regions.”</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/overseas/10/18/23/arab-world-blames-israel-for-hospital-strike-as-thousands-rally">Arab world blames Israel for hospital strike as thousands rally</a></li></ul><p>The Philippine leader said he would meet with the Filipino community in Riyadh to “share with them important developments in the Philippines and to thank them for their invaluable contributions.”</p><p>According to Marcos, GCC countries, which are comprised of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, are home to an estimated 2.2 million Filipinos working in critical fields.</p><p>“We will see to it that our constructive engagement with ASEAN and our partners will continue to serve our national interest and the well-being of the Filipino people,” he said. </p><p>Meanwhile, the ASEAN-GCC Summit will also be important for the Philippines, he said, since this would be the first interaction between the ASEAN and GCC. </p><p>&quot;We will see to it that our constructive engagement with ASEAN and our partners will continue to serve our national interest and the well-being of the Filipino people,&quot; he said. <br/> <br/>The President will only be in Riyadh from Oct. 19 to 20, the Department of Foreign Affairs earlier said. <br/> </p>

President Marcos Jr. said the Maharlika Investment Fund would be 'operational by the end of the year' despite the suspension of its implementation. 

Marcos says Maharlika fund 'operational by end of the year' despite suspension | ABS-CBN

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Marcos says Maharlika fund 'operational by end of the year' despite suspension

Marcos says Maharlika fund 'operational by end of the year' despite suspension

Pia Gutierrez,

ABS-CBN News

Published Oct 19, 2023 09:26 AM PHT

|

Updated Oct 19, 2023 11:49 AM PHT

Read More:

Bongbong Marcos

Ferdinand Marcos Jr

Maharlika fund

sovereign wealth fund

investment fund

Maharlika fund suspension

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