The Philippines is the latest developing country to get a sovereign wealth fund. Long-discussed, a sovereign vehicle was proposed in a bill introduced to the country’s parliament at the end of November. It will be called Maharlika Investments Fund.
Martin G Romualdez, Speaker of the House of Representatives (and cousin of president Ferdinand Marcos Jr), put out a press release explaining the new vehicle (calling it Maharlika Wealth Fund, slightly different to the name on the House bill).
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