House Speaker claims top Japanese biz leader supports Maharlika Fund

House Speaker Martin Romualdez claimed that a top Japanese business executive supports the creation of the Philippines' sovereign wealth fund known as Maharlika Investment Fund (MIF).

“It was during our conversation that he expressed strong interest [MIF] and in the possibility of investment in the proposed sovereign wealth fund, particularly for the power sector,” Romualdez told reporters in Tokyo.“He committed to support Maharlika because he himself said the Indonesian Wealth Fund called INA [Indonesian Investment Authority] started with only a billion dollars,” Romualdez continued.

“And in less than 18 months, it's over 25 billion worth na, lumaki [it grew]," he added."So he says the growth potential in the Philippines is potentially higher.” According to Romualdez, the Japanese executive was involved in the creation of Indonesia’s own sovereign wealth fund which was launched in 2021.

Romualdez, the main proponent of the bill in Congress, is among the official delegates during President Bongbong Marcos' five-day official visit in Tokyo.Romualdez said the Senate may pass the bill before Congress' Easter break.

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