Metro Manila (CNN Philippines, January 17) — Finance Secretary Benjamin Diokno on Tuesday presented to economic leaders in Switzerland the Marcos administration’s plan to establish a sovereign fund “to support the goals set” for the Philippines.

According to Malacañang, Diokno told attendees of the luncheon gathering in Davos, Switzerland that the Philippines is taking its first steps toward launching the Maharlika Investment Fund (MIF).

“The fund, which will be established in keeping with the highest standards of accountability and sound fiscal management, aims to diversify the country’s financial portfolio,” the Finance chief said.

Diokno also said he looks forward to discussing the proposed MIF during the World Economic Forum (WEF).

“May the next few days bring forth more intensive collaboration and cooperation towards genuine economic transformation,” he added.

President Ferdinand Marcos Jr. earlier said he plans to introduce the MIF to global and business leaders during the WEF.

Foreign Affairs Undersecretary Carlos Sorreta said the forum is “a great venue to do sort of a soft launch” for the MIF.

Diokno also discussed the country’s gross domestic product movement, prime economic sectors and the administration’s public-private partnership plans.