Philippine Congress clears country's first sovereign wealth fund, awaits Marcos nod for go-ahead

MANILA, June 1 (Bloomberg): The Philippines’ Congress has approved the creation of the South-East Asian nation’s first sovereign wealth fund, a measure pushed by President Ferdinand Marcos Jr. who now needs to sign it into law.

The House of Representatives adopted the version of the Senate, hours after the latter passed a bill creating the Maharlika Investment Fund which proponents say will help prop up the economy following a crippling pandemic. Some critics say the measure was ill-timed and its swift passage had political undertones.