Philippines proposes to set up $4.9b sovereign wealth fund

Philippines proposes to set up $4.9b sovereign wealth fund

Philippine House Speaker Martin Romualdez, the cousin of President Ferdinand Marcos Jr., has filed a bill seeking to establish a 275-billion peso ($4.9 billion) sovereign wealth fund to support the administration’s economic agenda.

House Bill No. 6398, filed on Monday and co-authored by the president’s son Ferdinand Alexander, is aimed at setting up what would be known as the Maharlika Investments Fund.

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