MANILA: Philippines President Ferdinand Marcos Jr has suspended the implementation of the country’s first sovereign wealth fund, his communications office said on Wednesday (Oct 18).
Marcos Jr issued a suspension “because he wanted to study carefully the (implementing rules and regulation) to ensure that the purpose of the fund will be realised for the country’s development with safeguards in place for transparency and accountability”, according to the Executive Secretary’s office.
In July, Marcos Jr approved a bill creating the Maharlika Investment Fund, the country’s first sovereign wealth fund, which he touted as a key driver in his plan to upgrade infrastructure and fast-track economic growth.
The fund will be allowed to issue a total of 500 billion Philippine pesos (US$8.81 billion) worth of preferred and common shares which the national government, state-run firms and banks can purchase.
Source: CNA
