Conglomerate Investment In Patriot Bond Is Considered Full Of Legacy And Project Access

JAKARTA - Bank Permata economist Josua Pardede stated that the participation of conglomerates in Patriot Bond reflects more than just financial support, but is also a political signal and a symbol of economic nationalism.

He said that although these bonds only offer yields of around 2 percent far below the yield of state bonds with similar tenors in the range of 5.9 to 6.1 percent, the interest of the big entrepreneurs was driven by two main motivations.

"Many of them see this as a legacy contribution, inheriting traces of the history of nation development, like the industrialist generation of the 1950s. This is in line with the narration of mutual cooperation emphasized by Danantara," he told VOI, Friday, October 3.

He conveyed that the involvement in the large-scale national project managed by Danantara is believed to be able to provide strategic benefits for investors, such as policy leverage, preferences in the tender process, to faster access to strategic downstream projects, including in the new and renewable energy sectors.

Josua added that the Patriot Bond fundraising scheme through an exclusive private placement of up to IDR 50 trillion is considered not to cause pressure on the public bond market or capital market, because it is not traded on the secondary market.

"Instead of shifting funds from the productive sector, Patriot Bond created new capital flows for sectors that have been short of funding such as waste management and renewable energy," he said.

Furthermore, he said that the bond structure guaranteed by the government and not fluctuating also ensures stability, so as not to create volatility in the financial market.

According to Josua, the involvement of the national business elite in this instrument can also increase the confidence of foreign investors in the stability and direction of Indonesia's long-term development policies.

Previously, 46 lists of document leaflets were circulated regarding the 46 list of Indonesian conglomerates as investors from Patriot Bond issued by Danantara, in the document, IDR 51.75 trillion was raised as of September 2025.

In the document, the names of Anthony Salim, Prajogo Pangestu, Sugianto Kusuma, Franky Widjaja, Boy Thohir and Edwin Soeryadjaya, Budi Hartono and Low Tuck Kwong became the top positions by buying patriot bonds worth IDR 3 trillion.

The rest, there are the names James Riady, Hilmi Panigoro, Gunawan Lim and Eddy Sariaatmadja by buying patriot bonds worth IDR 1.5 trillion each.