#Philippine #president #signs #SWF #law #corruption #fears
The Central Bank of Philippines
Philippine president Ferdinand Marcos Jr has signed into law a bill creating a $9 billion sovereign wealth fund, although critics have warned it could lead to corruption.
Marcos had pressed congress to swiftly approve the plan, which was originally proposed by legislators including the president’s son and cousin, in November.
The fund’s initial capital will partly come from central bank assets.
The senate passed the law’s final version on May 31, after making some revisions to address
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Sovereign Wealth – centralbanking.com
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