
By: Elena Grace Flores
YouTube Video by Rappler
[VIDEO]: Marcos eyes Maharlika fund ‘soft launch’ at WEF in Switzerland
Sovereign Wealth Fund Soft Launch
President Ferdinand R. Marcos himself wants the spotlight on the proposed sovereign wealth fund in Switzerland during his state visit. Department of Foreign Affairs (DFA) Undersecretary Carlos Sorreta said that The WEF is a great venue to do a sort of soft launch for our sovereign wealth fund. The prominence of the forum itself and the attendance of global and business leaders is vital.
World Economic Forum
President Marcos plans to do a “soft launch” his administration’s proposed Maharlika Investment Fund during his five-day visit to snowy Davos, Switzerland, for the World Economic Forum (WEF). He flies out of Manila on January 15 and returns on the 20th. They will hear directly from the President the fundamentals of the country’s proposed sovereign wealth fund.
The Proposal
The Maharlika Investment Fund is a sovereign wealth fund that will source its seed capital from state-owned banks. This will be used to invest in big-ticket infrastructure projects or the power sector. The chairmanship of the fund has also been switched from the President himself to the finance secretary.