BY JOCELYN MONTEMAYOR and RAYMOND AFRICA
PRESIDENT Marcos Jr. yesterday flew to Davos in Switzerland, his second foreign trip this month, to attend the January 16 to 20 World Economic Forum (WEF).
Marcos, who left with First Lady Liza Marcos and his economic team, intends to promote the Philippines as a leader and driver of growth and a gateway to the Asia-Pacific region, seek more investments and jobs for Filipinos, and to update the world on the country’s post-pandemic economic efforts including the establishment of its own sovereign wealth fund.
The Department of Foreign Affairs last week said the President intends to talk about the sovereign wealth fund at the world forum in Davos to attract more investors in the country.
Senate minority leader Aquilino Pimentel III said Marcos’ plan to do a “soft launch” for the fund is a ploy to force the Senate into passing the controversial measure.
“It is more than a marketing strategy, it’s a move to tie the hands of Congress, particularly the Senate, on the controversial measure,” he said in a statement.
Pimentel warned against promoting the still non-existent Maharlika fund.
“It is too early, premature… Sigurado ba silang lulusot sa Senado yang Maharlika Investment Fund bill (Are they sure that the proposed Maharlika Investment Fund will pass the Senate?” he said.
The House passed last month passed a bill creating the fund which it originally called Maharlika Investment Fund (MIF), then renamed Maharlika Wealth Fund, then renamed back to Maharlika Investment Fund.
The Senate has yet to pass its version of the measure. Senate President Juan Miguel Zubiri said no senator has filed a counterpart bill since they have yet to see the House’ final version of the measure.
While Marcos is away, Vice President Sara Duterte leads the caretaker committee until January 21.
Marcos, in his departure speech, said, “I look forward to my inaugural participation to the WEF in Davos as I am joined by the Philippine delegation composed of government officials and business leaders, on the kind invitation of professor Klaus Schwab, founder and chair emeritus of the World Economic Forum, whom I had the occasion to meet in person at the sidelines of both the ASEAN and APEC meetings in Phnom Penh and Bangkok respectively in November of last year,” the President said.
Marcos said WEF is a good opportunity for the Philippines to promote itself as a leader and driver of growth and a gateway to the Asia-Pacific region.
“One that is open for business, ever ready to complement regional and global expansion plans of both foreign and Philippine-based enterprises anchored on the competent and well-educated Filipino workers, the managers, and professionals,” he added.
He said he wants to use the chance to exchange with other leaders views on pressing issues such as post-pandemic economic recovery efforts, rising food prices as a result of conflict in other parts of the world, and the continuing threat posed by the effects of climate change.
He added he also wants to tell them about the Philippines’ significant economic gains in the past years as attested to by upward growth projections of the World Bank and the Asian Development Bank.
“I will draw attention to our efforts at building resilient infrastructure that bolsters our efforts to reinforce robust and resilient supply chains, ensure food security including its critical interlinkages with health and nutrition, while furthering climate-friendly, clean and green energy to power the Philippine economy. Moreover, I will share our experience as a model for managing – with our global partners – the disruptive and transformative impact of COVID. I intend to share our efforts in saving both lives and livelihoods, as well as the people-centered next steps that we are taking to ensure that we are ready to meet the lingering effects of the pandemic and address the occurrence of the next one,” he added.
The President will meet with chief operating executives of private firms, participate in a high-level dialogue sessions with other leaders, and attend stakeholder dialogues on global nutrition and food security.
Marcos is also expected to meet with business leaders and the Filipino community not only in Switzerland but also from other countries in Europe.
This is the President’s ninth trip since assuming the presidency in June and his second for the year, with the first in China for a state visit from January 3 to 5. He will again leave for Japan in February for a state visit.
WEALTH FUND
Pimentel said doing a soft launch of the Maharlika fund during the WEF meet “would only put pressure on the Senate to enact the measure swiftly” at the expense of more pressing legislation.
He also said the proposed wealth fund lacks transparency mechanisms as the management of funds will be left solely to the board.
“Instead of limiting our limited resources on the Maharlika Investment Fund bill, let’s debate on legislation that will improve the lives of our countrymen, control inflation, and create opportunities,” he added.
Zubiri earlier said he asked the finance and budget departments to brief senators on specifics as it is unclear to them how the executive plans to spend and use the funds.
The briefing was is set for January 24, a day after both houses of Congress resumes regular sessions after the holiday break.
At the House, Camarines Sur Rep. Luis Raymund Villafuerte said critics should give the proposed fund to prove its worth “once the Senate further tweaks and passes this year its own version that would likely address other concerns, if any, raised by skeptics and other critics.”
Villafuerte pointed out that the initial reservations over some features of the bill, such as the use of Government Service Insurance System (GSIS) and Social Security System (SSS) pension funds, along with the fund’s board chairmanship by the President, were quickly addressed, with major changes or amendments made last December at the House committee level.
As revised, the proposed law lists the Land Bank of the Philippines, Development Bank of the Philippines, Philippine Gaming and Amusement Corp., and Bangko Sentral ng Pilipinas as MIF contributors.
Villafuerte said that as another funding vehicle for priority investments, the MIF has the potential of being a vital source of capital for infrastructure and other big-ticket projects that would otherwise have to be financed by foreign creditors. — With Wendell Vigilia
