Citigroup Inc. recently welcomed economic managers from the Philippines who went to New York as part of a non-deal roadshow (NDR) to promote the upcoming launch of the country’s “Maharlika Investment Fund (MIF).”
Photo shows Citigroup Inc. CEO Jane Fraser (center) together with the Philippines’ economic delegation made up of (from left:) Socioeconomic Planning Secretary Arsenio M. Balisacan, Finance Secretary Benjamin Diokno, Budget Secretary Amenah Pangandaman, and BSP Governor Eli M. Remolona Jr. during their visit at Citi’s headquarters in New York City. (IMAGE CREDIT: www.businesswire.com)
The Philippine contingent, led by newly-appointed BSP Governor Eli M. Remolona Jr., Finance Secretary Benjamin E. Diokno, Budget Secretary Amenah F. Pangandaman, Socioeconomic Planning Secretary Arsenio M. Balisacan, and National Treasurer Rosalia De Leon, were warmly welcomed by Jane Fraser, CEO of Citigroup Inc., and Jay Collins, Vice Chairman of Citi Banking, Capital Markets and Advisory (BCMA), at CITIGROUP’s headquarters in New York City, USA.
During the visit, CitiGroup, which hosted a welcome dinner for the group, also reaffirmed its commitment to support the planned launch of the country’s sovereign wealth fund as strategic advisors.
“By leveraging its experience working with sovereign wealth funds globally, Citi is confident of its ability to act as strategic advisors to the Philippines and drive greater interest from the investment community into the Philippines as the country creates its sovereign wealth fund,” Citi’s press statement stated.
Citi Philippines CEO Paul A. Favila, for his part, was quoted in the statement as saying, “We are honored to have the opportunity to host the Philippine government at Citi’s headquarters in New York City and to support their efforts to attract investments into the country by leveraging Citi’s global network.”
“This further affirms our commitment to enable growth and economic progress in the country where we have been doing business for more than 120 years,” he added.
Citi had organized the non-deal roadshow and the Philippine Economic Briefing (PEB), which took place in Toronto, Canada, together with other partner banks. It also hosted all of the Philippine government’s investor meetings in New York City.
Aside from marketing the MIF, the Philippine economic team also used the roadshow and the PEB as a forum to inform the business and financial communities in these countries about the nation’s economic performance, investment prospects, and the administration’s development strategy.
As a sovereign wealth fund, the MIF is expected to benefit the country in terms of enhanced investment capital, infrastructure development, strengthened governance, and increased foreign investment, among many others.
By following the business model of sovereign wealth funds from other countries, the creation of the MIF is also aimed at maximizing the profitability of government assets available for investment.
To fulfill its purpose, at least 70 percent of the fund’s assets will be invested within the Philippines, with strict prohibitions against investments in gambling, tobacco, as well as alcohol production.