Tokyo—Speaker Martin Romualdez said a high-ranking official of one of Japan’s leading financial institutions has expressed strong interest in the proposed Maharlika Investment Fund and its potential to help the Philippine power sector.
In an interview with members of the Philippine media at the Hotel Okura in Tokyo Friday evening, Romualdez said he met the Japanese senior official during a dinner hosted by Mitsui and Metro Pacific Investment Corporation.
“It was during our conversation that he expressed strong interest [in the Maharlika Investment Fund] and in the possibility of investment in the proposed sovereign wealth fund, particularly for the power sector,” Romualdez said.
The MIF, the Speaker said, is intended to help achieve the “Agenda for Prosperity” and the objectives of sustainable and inclusive growth through big-ticket infrastructure projects and other development programs of the government.
According to Romualdez, the interest in the proposed Maharlika Investment Fund shown by the Japanese senior financial official is significant because he played a key role in setting up Indonesia’s own sovereign wealth fund known as INA or Indonesia Investment Authority.
Since its launch in February 2021 with an initial funding of $5 billion from the Indonesian government, INA has already raised more than $20 billion of co-investments from other foreign parties by the end of 2022.
The Speaker said that according to the Japanese official, the growth prospect of the proposed Maharlika Investment Fund is “potentially higher” compared to INA.
“So that’s very good, that we’re getting support [for the Maharlika Investment Fund],” he said.
In December last year, the House approved the bill creating the Maharlika Investment Fund, with around 90 percent of the chamber’s members supporting the passage of the measure principally authored by Romualdez.
“Over 70 countries have it and the batting average is over 90 percent successful. It’s what they call international best practices to have one and that’s why we’re fortunate that we in Congress were able to pass it this fast,” the Speaker said.
The Senate is currently deliberating on its own version of the Maharlika Investment Fund bill.
“Maybe after Easter that is already approved,” Romualdez said.