Philippines committed to start operating sovereign wealth fund in 2023: Marcos
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The Philippine government is finding ways to make the fund “as close to perfect and ideal as possible”, said President Ferdinand Marcos Jr.
PHOTO: REUTERS
MANILA – Philippine President Ferdinand Marcos Jr said on Thursday that the government is still committed to starting operations of a sovereign wealth fund by the end of 2023.
The government is finding ways to make the fund “as close to perfect and ideal as possible”, Mr Marcos said in a speech before departing for Riyadh to join the Asean-Gulf Cooperation Council Summit.
One of the most important aspects of his trip includes the sovereign wealth fund’s introduction to the world, specifically to Middle Eastern countries, the President said.
Mr Marcos suspended the implementation of the fund to ensure that safeguards were in place. The government touted the fund, which was signed into law in July, as a key driver for the country’s economic growth and infrastructure upgrade plans. REUTERS
