PCO: Marcos' Investment Pitch To Top Business Leaders Gains 'Positive Response' At WEF 2023

Some of the world's top business leaders and investment experts who attended the 2023 World Economic Forum (WEF) in Davos had a positive response to President Ferdinand "Bongbong" Marcos Jr.'s pitch that highlighted the country as a global investment hub, the Presidential Communications Office (PCO) said Wednesday.

"The President's investment pitch for the Philippines received "a very positive response" from some of the world's top CEOs and investment experts," the PCO said in a press release.

The office further revealed that the chairman and CEO of Grab Anthony Tan hosted a dinner for Marcos Jr. earlier this week.

Apart from the reported success of Marcos Jr. in presenting the Philippines as a suitable investment center, the PCO said the proposed Maharlika Investment Fund (MIF) also received huge interest from WEF attendees.

Sen. Mark Villar, who is attending the Switzerland event with Marcos Jr., said there was much interest in the MIF as it is a sovereign wealth fund deemed to help boost the Philippines' development plans.

During a dinner meeting Tuesday in Davos, Marcos Jr. was joined by several world business leaders including TikTok founder Zhang Yiming, Unilever CEO Alan Jope, Amazon CEO Andy Jassy, Heineken CEO Dolf van den Brink, KADIN chairman Arsjad Rasjid, Indonesia's Coordinating Minister of Maritime and Investment Affairs Luhut Pandjaitan and Minister of Thailand Arkhom Termpittayapaisith.

Speaking to the media after Marcos presented his investment pitch, Aboitiz Group president and CEO Sabin Aboitiz said the Philippine leader was "effectively showcasing" the country at the WEF.

Aboitiz is among the seven business tycoons from the Philippines who joined the Marcos delegation at the annual forum in Switzerland. Teresita Sy-Coson of SM Investments and Jaime Zobel de Ayala of the Ayala Group also attended the event.

Meanwhile, the International Monetary Fund (IMF) has commended the Philippines' "exceptional" performance even during turbulent times.

"We found the Philippines to be an exceptionally well-performing country...what you have done in the last year of turbulence to sustain growth...is quite commendable, IMF managing director Kristalina Georgieva was quoted to have said, as per the PCO.

Former National Economic and Development Authority (NEDA) chief Ernesto Pernia previously argued that it was "too premature" to present the proposed sovereign wealth fund in Davos as it will take time for lawmakers to get the bill passed.

House Bill No. 6608 aims to establish the MIF, which, according to its authors, will help strengthen investment activities in the country.