(Bloomberg) -- The Philippines’ first-ever sovereign wealth fund will seek to double its investible capital to 250 billion pesos ($4.5 billion) in two years to bankroll local infrastructure projects and help spur the economy, according to its top official.
Maharlika Investment Corp., the company that will manage the fund, plans to start inviting domestic and foreign investors in the coming year to build its war chest from the 125 billion pesos pledged by the Philippine government and state-owned lenders, President and Chief Executive Officer Joel Consing told reporters on Wednesday.
“The vision for this fund is to have it invest in the Philippines in the first five to seven years through four key pillars that will help sustain economic growth” Consing said, citing energy security, tourism and digital infrastructure and agro-forestry industrial urbanism. All of Consing’s plans for Maharlika are subject to the approval of the board whose members are expected to be named this month, he said.
“Once the fund matures we can consider strategically investing in the global markets,” said Consing, a former executive at International Container Terminal Services Inc. and HSBC Holdings Plc.
Maharlika is planning an investor roadshow in 2024 and will also tap the Bureau of the Treasury to oversee its idle funds, Consing said, mindful of concerns after Malaysia’s state fund 1MDB became the center of a multi-billion-dollar scandal.
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