Philippine's proposed US$4.9 billion sovereign wealth fund spark fears; critics say it could end up like Malaysia's 1MDB

Philippines' critics say the new proposed wealth fund led by President Ferdinand Marcos Jr is lack of safeguards and also meant 'the potential for corruption is almost limitless'. - Photo by Reuters

MANILA, Dec 6, 2022 (AFP): Philippine lawmakers have proposed a US$4.9 billion sovereign wealth fund to be chaired by President Ferdinand Marcos Jr to boost growth, but critics warn it will be prone to graft and risk Filipino pensions.

Congressmen Sandro Marcos and Martin Romualdez -- the president's son and cousin respectively -- are among the six authors of the bill filed to the House of Representatives and will be examined by several committees before being debated in the house.