MANILA — President Ferdinand Marcos Jr has suspended the implementation of the country’s first sovereign wealth fund, his communications office said on Wednesday.
Marcos issued a suspension “because he wanted to study carefully the (implementing rules and regulation) to ensure that the purpose of the fund will be realized for the country’s development with safeguards in place for transparency and accountability,” according to the Executive Secretary’s office.
In July, Marcos approved a bill creating Maharlika Investment fund, country’s first sovereign wealth fund, which he touted as a key driver in his plan to upgrade infrastructure and fast-track economic growth.
The fund will be allowed to issue a total of 500 billion pesos ($8.81 billion) worth of preferred and common shares which the national government, state-run firms and banks can purchase.
– Reporting by Neil Jerome Morales and Karen Lema; Editing by Kanupriya Kapoor
