Philippines governor withdraws opposition to SWF

The Central Bank of the Philippines

Photo: Patrick Roque/Wikimedia Commons

- Jimmy Choi
- 16 Dec 2022

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The Philippines central bank governor withdrew his objections to a government-backed draft law to create a sovereign wealth fund as Congress approved it.

Under the draft legislation, the government would use the Central Bank of the Phillippines’ (BSP) profits as seed money. In a 279–6 vote on December 15, the House of Representatives passed a draft law setting up the Maharlika Investments Fund (MIF).

The draft law still needs the approval of the Senate. The government of president Ferdinand

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