Marcos Seeks Speedy Approval of Philippine Wealth Fund Bill
- Measure was passed by House of Representatives in December
- Finance chief says state financial firms have funds to invest
Ferdinand Marcos Jr.
Photographer: Ezra Acayan/Getty ImagesThis article is for subscribers only.
Philippine President Ferdinand Marcos Jr. is pushing for the immediate enactment of a bill in the Senate that will set up a sovereign wealth fund that proponents say will shield the country from slowing economic growth and rising borrowing costs.
“There arises an urgent need for a sustainable national investment fund,” Marcos said in a statement on Wednesday. “This fund will serve as a new growth catalyst, accelerating the execution of strategic and impactful large-scale infrastructure projects that will stimulate economic activity and foster development,” he said in the statement issued by his communications office.