Philippines’ Marcos pledges SWF will still go ahead

Government puts implementation rules on hold, but president says it will open by year’s end

Map of the Philippines

Philippines president Ferdinand Marcos said today (October 19) that his administration is still committed to launching the country’s sovereign wealth fund by the end of the year.

Marcos made the comment a day after news broke that he had suspended the implementation of the law creating the Maharlika Investment Fund. That move comes amid concerns that two state-owned banks may struggle to provide their mandated contributions to Maharlika’s capital.

A memorandum signed by his executive secretary

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