Philippine President Ferdinand Marcos Jr. is pushing for the immediate enactment of a bill in the Senate that will set up a sovereign wealth fund that proponents say will shield the country from slowing economic growth and rising borrowing costs.
(Bloomberg) — Philippine President Ferdinand Marcos Jr. is pushing for the immediate enactment of a bill in the Senate that will set up a sovereign wealth fund that proponents say will shield the country from slowing economic growth and rising borrowing costs.
“There arises an urgent need for a sustainable national investment fund,” Marcos said in a statement on Wednesday. “This fund will serve as a new growth catalyst, accelerating the execution of strategic and impactful large-scale infrastructure projects that will stimulate economic activity and foster development,” he said in the statement issued by his communications office.
Philippines Moves Closer to Wealth Fund Plan With House Approval
The House of Representatives last December approved the bill creating the controversial Maharlika Investment Fund, just over two weeks after the measure, which aims to tap and securitize dividends from state-owned companies, was filed. Once the Senate passes the bill, it will reconcile the measure with the House version before it can be signed by Marcos.
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