Marcos: Maharlika Fund not on hold, will be operational by yearend | The Final Word - video Dailymotion

CNN Philippines

The Maharlika Investment Fund is not on hold.  That clarification, coming from President Bongbong Marcos after he suspended the implementing rules.  As Rex Remitio tells us there is just something the President wants to improve.  Visit our website for more #NewsYouCanTrust: https://www.cnnphilippines.com/  Follow our social media pages:  • Facebook: https://www.facebook.com/CNNPhilippines • Instagram: https://www.instagram.com/cnnphilippines/ • Twitter: https://twitter.com/cnnphilippines

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00:00 President Marcos says he's a bit alarmed over reports saying he put the Maharlika Fund on hold,

00:06 explaining it's quite the contrary. He also says they can still improve the organizational

00:13 structure of the Maharlika Investment Corporation that will manage the fund. He adds the fund's

00:19 concept remains a good one, saying they're committed to operationalize it before the year

00:24 ends. The chief executive will continue on presenting the Maharlika Fund to the Saudi

00:30 Arabian government and businesses. President Marcos' statement contradicts a memorandum

00:35 signed by Executive Secretary Lucas Bersamin on October 12, which says that upon the directive

00:40 of the president, the implementing rules and regulations of the Maharlika Investment Fund Act

00:46 is suspended upon further study. "So we should not misinterpret what we have done as somehow

00:52 a judgment on the rightness or wrongness of the Maharlika Fund. On the contrary,

00:58 we are just finding ways to make it as close to perfect and ideal as possible." President Marcos

01:05 meanwhile flew to Riyadh, Saudi Arabia to attend the first ASEAN Gulf Cooperation Council Summit.

01:11 The GCC is composed of Kuwait, Saudi Arabia, Bahrain, Qatar, United Arab Emirates and Oman.

01:18 They're expected to discuss the challenges of major geopolitical developments and possible

01:24 concrete security enhancements. The Israel-Hamas war may also be tackled, according to the Foreign

01:30 Affairs Department the other day. The leaders will also discuss how to boost cooperation in

01:35 different sectors, which could help the economy and Filipinos down the chain. "This summit will

01:41 serve as an important platform for the Philippines to highlight the need for cooperation in energy,

01:49 food security, logistics, supply chains, digital information, the free flow of goods, people and

01:56 services, as well as the enhancement and protection of the rights of our overseas workers. We will

02:05 emphasize our advocacy for a rules-based international order to maintain peace and

02:11 security and stability in our regions." President Marcos will also meet with the Filipino community

02:17 in Saudi Arabia, being one of the major destinations for Filipino workers abroad.

02:22 Rex Remitio, CNN, Philippines.

Marcos: Maharlika Fund not on hold, will be operational by yearend | The Final Word

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