Economists warn Philippines state fund could increase corruption

Central bank will contribute annual dividends to fund for two years, delaying capital increase

Philippine pesos
Philippine pesos

A group of economists in the Philippines have voiced “grave concerns” over the government’s plan to create an $8.9 billion sovereign wealth fund, and warned the plan could further strain public funds and lead to corruption.

The draft law to set up the country’s first sovereign wealth fund has passed both houses of the Congress of the Philippines and now awaits president Ferdinand Marcos’ assent to become law. Finance secretary and former central bank governor Benjamin Diokno said the Maharlika

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