10 June 2012 – H. E. Joselito A. Jimeno, Philippine Ambassador to the Sultanate of Oman, called on the Minister Responsible for Finance Affairs, H. E. Darwish bin Ishma’eel bin Ali Al Balushi. 

Ambassador Jimeno stated to the Minister that the Philippines has included in its priorities the expansion of economic relations between the Philippines and Oman. He further stated that the Philippines can offer more to Oman in its continued blessed renaissance beyond our world-class Filipino work force. 

The Minister informed the Ambassador that there are two (2) sovereign wealth funds which are under the financial affairs council, namely: the State General Reserve Fund (SGRF) and the Oman Investment Fund (OIF). A meeting with the CEOs of the said funds would be beneficial in promoting investments in the Philippines.

SGRF is a sovereign wealth fund in Oman. It is one of few entities where the Sultanate of Oman channels its excess oil revenues. It was founded in 1980 by a royal decree. Its objectives are purely financial. That means it does not invest in companies with the view of otherwise benefiting the local economy, nor other goals. 

The OIF was established in 2006 to invest in long- and medium-term projects within and outside Oman. The OIF’s aim is to achieve the best possible returns. Over the years, the OIF has built a globally diversified investment portfolio including real estate and private equity assets across various sectors, covering travel & leisure, financial services, utilities, media & entertainment, telecom infrastructure, industrial goods and services, industrial transportation and engineering sectors.

Among the topics which were discussed during the call are the possible exchange of knowledge and technologies in the agriculture and fisheries sector, generating more investments in the Philippines through its public-private partnership (PPP) program among the major infrastructure and development projects (airports, roads and rail, as well as water projects), business conference between the Philippine Chamber of Commerce (PCCI) and Industry and the Oman Chamber of Commerce and Industry (OCCI), possibility of opening an Omani Embassy in Manila, and implementation of the Memorandum of Understanding on Philippines-Oman Air Services (signed and entered into force on 14 December 2010). 

The meeting concluded with an exchange of tokens between the Minister and the undersigned.