President Ferdinand Marcos Jr. will promote the Philippines as a gateway to the Asia-Pacific region at the World Economic Forum, having arrived in Davos on Sunday in the hopes of attracting new investment.
From January 16 to 20, the Swiss town of Davos will host dozens of world leaders and hundreds of CEOs for the forum's second in-person gathering after a two-year pandemic hiatus.
Speaking ahead of his flight, Marcos said that the Philippines will be the focus of a country strategy dialogue at WEF, where he will promote the nation “as leader and driver of growth, and a gateway to the Asia-Pacific region.”
He described the Philippines as “(a country) that is open for business — ever ready to complement regional and global expansion plans … anchored on the competent and well-educated Filipino workers, the managers and professionals.”
Marcos is the only ASEAN leader reportedly attending Davos this year, and the only other Asian leader besides South Korea's Yoon Suk-yeol.
The Filipino leader, accompanied by a delegation of officials and business leaders, said that he will also share his country’s experience “as a model” for managing the impacts of the COVID-19 pandemic.
According to the Philippine Foreign Affairs Ministry, Marcos may also use the forum to introduce the country's sovereign wealth fund, which the president has stated could spur growth and development in the archipelago.
“The World Economic Forum is simply a great venue to do sort of a soft launch for our sovereign wealth fund given the prominence of the forum itself and the global and business leaders who will be there, and they will hear it directly from the president,” Philippine Foreign Affairs Undersecretary Carlos Sorreta said.
The Philippine Congress is still debating a draught law establishing the wealth fund.
As per Marcos, the plan, which follows similar moves by neighbours Malaysia, Singapore, and Indonesia, could bring "added investment" to the Philippines.
Malaysia's 1MDB sovereign wealth fund was at the centre of a multibillion-dollar graft scandal that landed former Prime Minister Najib Razak in prison.