BSP governor issues ‘1MDB’ warning over proposed fund

Some legislators have proposed sovereign wealth fund, but critics warn it could increase corruption

Central Bank of the Philippines
The Central Bank of the Philippines
Patrick Roque (

Felipe Medalla, governor of the Central Bank of the Philippines (BSP), has warned strongly against a plan to create a sovereign wealth fund, hinting it could be used for corrupt purposes.

Relatives of Philippine president Ferdinand Marcos are among several politicians proposing to establish the Maharlika Investments Fund (MIF), partly funding it with central bank money. But their proposal has sparked strong criticism from academics, business groups and activists, who have warned it could lead

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