18-10-2023 (MANILA) Philippine President Ferdinand Marcos Jr has decided to temporarily halt the implementation of the nation’s inaugural sovereign wealth fund, as announced by his communications office on Wednesday.
According to the Executive Secretary’s office, Marcos issued the suspension in order to thoroughly examine the implementing rules and regulations. His aim is to ensure that the fund’s objectives align with the country’s development goals and that measures are in place to guarantee transparency and accountability.
In July, Marcos gave his approval to a bill that established the Maharlika Investment Fund, which would serve as the Philippines’ first sovereign wealth fund. He regarded this fund as a crucial catalyst for his plans to enhance infrastructure and expedite economic growth.
Under the bill, the fund will have the authority to issue a combined total of 500 billion pesos ($8.81 billion) worth of preferred and common shares. These shares will be available for purchase by the national government, state-run enterprises, and banks.
