(Time) As 2022 draws to a close, lawmakers in the Philippines are pushing for the establishment of a sovereign wealth fund to purportedly help the country finance future economic development.
President Ferdinand Marcos Jr. had called for the immediate enactment of the fund’s implementing bill, which was initially proposed on Nov. 28. A revised version of the bill was passed by the House of Representatives on Thursday, just before Congress goes on Christmas holiday break. It now awaits a legislative counterpart from the Senate.
Marcos Jr., who was elected in May, vouches for the fund’s creation, telling reporters on Dec. 12 that it will bring “added investment” to the Southeast Asian nation of 110 million people. His economic team, meanwhile, have cited similar state-owned funds in Singapore and Indonesia as a testament to the potential success the Philippines could reap… Read More