Philippines should divert reserves to form a SWF, says BSP’s Medalla

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The increasing level of political and economic stability in the Philippines means the country's central bank should move a portion of its reserves into a sovereign wealth fund (SWF) based on a pension-fund model, according to Felipe Medalla, member of the monetary board of the Central Bank of the Philippines (BSP).

The BSP has reserves of $80 billion, equivalent to about one third of the country's GDP. These assets are managed on a conservative basis, primarily invested in highly rated sovereign

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