Philippines eyes Central Bank profits as wealth fund source

MANILA (Bloomberg): Philippine lawmakers are looking to tap central bank profits to seed a proposed sovereign wealth fund, after an earlier plan to use pension funds for the purpose triggered opposition.

Authors of the bill to create the Maharlika Investments Fund decided to change the source of funds after a meeting with economic managers, Congresswoman Stella Quimbo, one of the proponents, said in a statement posted on the House of Representatives’ Facebook page late Wednesday (Dec 7)).