Philippines sovereign wealth fund seeks Beijing collaboration despite South China Sea disputes

Maharlika, the Philippines’ first sovereign wealth fund, is open to “collaboration” with China in development projects despite ongoing maritime disputes, its chief said.

“I personally think that there is not enough collaboration going on in respect of Maharlika and [mainland] China and Hong Kong … intuitively, this is perhaps because of the reluctance arising from geopolitics,” Rafael Consing Jnr, president and CEO of the fund, said.

Consing made the comments on the sidelines of the Hong Kong-Asean Summit 2024 organised by the South China Morning Post in partnership with the Hong Kong-Asean Foundation and the Our Hong Kong Foundation.

Tensions between Manila and Beijing have escalated due to overlapping claims in the disputed South China Sea, leading to recent clashes in the contested waters.

China claims almost the entirety of the South China Sea, including parts claimed by the Philippines, Brunei, Malaysia and Vietnam.