MANILA : The Philippine central bank on Thursday said it was backing the creation of a sovereign wealth fund being pushed by President Ferdinand Marcos Jr, after having earlier raised concerns about transparency over its governance.
Congressman Joey Salceda, one of the authors of the bill, said in a statement the"enhanced version" contained enough safeguards, like mandatory review of contributions by the fund, to make it"one of the most transparent". The legislative proposal was revised to exclude state pension funds as a source of funding, and approved by the lower house on second reading on Thursday. President Marcos has called for the measure's"immediate enactment," and it could pass a third reading before congress adjourns this week.
BSP's Medalla repeated the central bank's balance sheet was strong so it could afford to contribute to the fund through the dividends it regularly remits to the government.
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