The Department of Finance expects the proposed sovereign wealth fund will be passed into law within the first semester next year despite oppositions seeking to block its creation.
Diokno also shrugged off criticisms about the MWF, saying the Fund will be well-managed and transparent. Moreover, the Development Bank of the Philippines and the national government will contribute P25 billion each. The GSIS chief said private sector, such as heads of the Bankers Association of the Philippines and Philippine Stock Exchange, are also involved in the management of the Fund to ensure transparency.
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