Finance Secretary Benjamin E. Diokno has joined the official delegation of President Ferdinand R. Marcos, Jr. to Riyadh, Saudi Arabia, where he is set to promote the Maharlika Investment Fund (MIF) in a Roundtable Meeting with Saudi business leaders on October 19, 2023.

“The MIF stands as a cornerstone for financing the infrastructure projects of President Ferdinand R. Marcos, Jr.’s administration, which are crucial to achieving sustained and inclusive economic growth. We are steadfast in our commitment to seeing the Fund off and running before the end of 2023,” Secretary Diokno said.

Secretary Diokno added that the DOF is currently working closely with the Office of the President in further improving the MIF’s Implementing Rules and Regulations (IRR).

President Ferdinand R. Marcos, Jr. likewise reiterated the administration’s commitment to having the Fund operational before the year ends.

In his departure speech, the President said that the introduction of the MIF is an important aspect of the trip and addressed issues concerning his order to temporarily suspend the MIF’s IRR.

The President further clarified that his office has been in close consultation with the country’s economic managers in determining the improvements that can be made to the IRR.

The President will participate at the inaugural Association of Southeast Asian Nations – Gulf Cooperation Council (ASEAN-GCC) Summit to be held on October 19-21, 2023.