MANILA: Philippine lawmakers have proposed a US$4.9 billion sovereign wealth fund to be chaired by President Ferdinand Marcos Jr to boost growth, but critics warn it will be prone to graft and risk Filipino pensions.
It would help the Marcos administration achieve its goals of getting the Philippine economy to"soar to greater heights in spite of external shocks", the authors wrote. They argue pension funds were already being invested and that diverting them to the MIF would expose them to additional risk."We all know about our neighbour Malaysia where their 1MDB was a real disaster where the money was looted," she said, referring to the graft scandal that involved billions of dollars of state funds.
"There are a lot of questions ... How is it going to benefit the longer-term development objective of the Philippines because it's not very clear to me that it would," she said.Investment options would include financial derivatives, equities, infrastructure projects and"other investments as may be approved by the Board".
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