Marcos eyes co-financing opportunities with other sovereign wealth funds

President Ferdinand "Bongbong" Marcos Jr. has expressed intention to explore co-financing opportunities with sovereign wealth funds around the world.

Marcos made the remark during a roundtable discussion with Singaporean business leaders on Wednesday as he highlighted the Philippines' Maharlika Investment Fund.

"We look forward to exploring co-financing opportunities with foreign investors, with multilateral institutions, and other sovereign wealth funds around the world,” Marcos said in a press release issued Thursday.

“So, to our partners in Singapore, I offer you the assurance of our greatest efforts in supporting businesses as we work together in achieving our economic agenda and making the Philippines your destination of choice for investment," he added.

During his speech at the 10th Asia Summit hosted by the Milken Institute in Singapore also on Wednesday, Marcos highlighted the MIF as he urged foreign investors to invest in the Philippines.

The MIF, signed into law in July, aims to tap state assets for investment ventures to generate additional public funds.

Marcos said the MIF would be an important addition to the country’s existing funding mechanisms through investments in strategic high-return, high-impact sectors including infrastructure.

Further, he encouraged investments in renewable energy, smart and innovative economy, and infrastructure development under the Build, Better, More program of his administration.

Marcos shared the policy changes in the Philippines, including allowing 100% equity in the exploration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources to attract foreign investments.

“With this development, I encourage our Singapore partners to consider the Philippines and take part in the country’s goal of increasing renewable share in power generation and offering lower cost and cleaner energy to the general public,” he said.

He also called for investments in the areas of financial technology as the Philippines aims to achieve its goal of 50% digital retail transactions and 70% Filipino adults with bank accounts by the end of 2023 to promote an inclusive, innovative, and healthy financial sector.

Marcos also highlighted "the country’s highly skilled, young, talented, and capable workforce who could do and hold various roles."

“Moreover, the country’s population’s median age of 25 years old offers greater productivity, increase in savings rate, and increased creativity,” he said.

Marcos will return to the Philippines on Sunday.—AOL, GMA Integrated News