Philippines sets up sovereign wealth fund to boost economic development
President of the Philippines Jr Ferdinand Marcos on July 18 signed into law creating the country’s first sovereign wealth fund worth 9 billion USD to promote economic growth and infrastructure development in the country.
At the signing ceremony (Photo: //www.philstar.com/)
Hanoi (VNA) - President of the Philippines Jr Ferdinand Marcos on July 18 signed into law creating the country’s first sovereign wealth fund worth 9 billion USD to promote economic growth and infrastructure development in the country.
Addressing the signing ceremony, Marcos said the Maharlika Investment Fund (MIF) will will leverage a small fraction of the considerable but underutilised investible funds in government and stimulate the economy without the disadvantage of adding additional fiscal and debt burden.
Marcos affirmed that the fund will help the government achieve its economic growth goals and reduce dependence on foreign loans, which are used to build new bridges and roads.
He pledged that the fund will be used transparently and that only top financial experts would be assigned to manage the fund.
Finance Minister Benjamin Diokno also emphasised that the fund will promote the infrastructure development in the country, create high-quality jobs, attract more foreign investors and boost growth.
🌟 The MIF will be financed with some 150 billion pesos (2.76 billion USD) from dividends from the central bank and the two state-owned banks, and will invest in a wide range of national and international assets./.
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At the signing ceremony (Photo: //www.philstar.com/) 
