Philippines Moves Closer to Wealth Fund Plan With House Approval
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The Philippines has moved closer to setting up a sovereign wealth fund after the House of Representatives approved a measure pushed by President Ferdinand Marcos Jr., just over two weeks after it was filed.
In a session late Thursday, 279 lawmakers voted in favor of the Maharlika Investment Fund while six voted against it, according to proceedings streamed on Facebook. The bill now goes to the Senate where it has to be cleared before being transmitted to Marcos for approval.