Philippines faces tough path to wealth fund

Marcos: Did you really think we’re going to use these funds to buy luxury cars and huge yachts? It makes me laugh because it’s so far from the truth. — Reuters

MANILA: Philippine President Ferdinand Marcos Jr has enacted a measure creating what will be the nation’s first-ever sovereign wealth fund envisioned to help further boost one of Asia’s fastest-growing economies.

To its advocates, the Maharlika Investment Fund is a “vehicle for growth” by channelling funds from state banks and government-owned corporations into investments and infrastructure spending.