Why Does the Philippines Want a Sovereign Wealth Fund?

Last week a plan was floated for the creation of a sovereign wealth fund in the Philippines. The first draft of the plan imagined an investment fund with initial capital of about $5 billion. The fund would be controlled by President Ferdinand Marcos Jr., and was being backed in the legislature by his family members and allies. The seed funding was to come from public entities such as the Land Bank of the Philippines and state-run pension funds. After pushback about the lack of oversight and the risk of using pension funds for this purpose, the plan has been scaled back and the pension fund provision removed. Its final form, if it indeed comes to fruition, is still being debated. Read More »

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