The Department of Foreign Affairs revealed on Thursday, January 12 during the pre-departure briefing at Malacanang Palace that President Ferdinand Marcos Jr. is eyeing to have a “soft-launch” of the controversial Maharlika Wealth Fund at the World Economic Forum 2023 at Davos, Switzerland.

According to DFA undersecretary, Carlos Sorreta, the annual forum will be a great venue to introduce the sovereign wealth fund given that WEF is a prominent event wherein business leaders will be present. He also said that the president himself is the one who presented to discuss the proposed sovereign wealth fund. 

“At the briefing this morning, the President said that we have developed excellent fundamentals, there’s much that we can offer to investors and he said ‘you know let’s talk about the sovereign wealth fund that’s being set up. The WEF is a great venue to do a sort of soft launch for our sovereign wealth fund, given the prominence of the forum itself global and business leaders will be there and they will hear directly from the President what the fundamentals that we have that lead us to decide that we should have a sovereign wealth fund.”

“It will be broad strokes. We have to leave the specifics to the legislation. We’re working with the Department of Finance and the Department of Trade and Industry to come up with very precise, targeted messages for the President,” he added.

The president is set to join some of the convened leaders from the government and business elites from around the globe from January 15 to 20 to discuss political, economic, social, and environmental concerns. 

“What’s very important is it’s an investment in the future and there’s great confidence the President has and the capability of the Filipino entrepreneurs and local investors even,” undersecretary Sorreta said.

Under the proposed Maharlika Wealth Fund, which is yet to be approved by congress, funds will be coming from the government banks such as the Land Bank of the Philippines and Development Bank of the Philippines, and the Bangko Sentral ng Pilipinas that will be used for investments in key sectors.