Why Marcos’s Philippine Wealth Fund Plan Is Controversial: Q&A

The Philippines is preparing to establish a sovereign wealth fund, a move that’s being pushed by Ferdinand Marcos Jr., the late dictator’s son who became president earlier this year, but is seen as controversial by some observers.

The proposal for the fund faced a backlash soon after Marcos’s allies filed it in Congress. Even the central bank chief, Felipe Medalla, initially expressed reservations, questioning how it would be governed and drawing a comparison to the scandal-tainted Malaysian state investment fund 1MDB.