Philippines’ Marcos Says Wealth Fund to Help Boost Investments

(Bloomberg) -- Philippine President Ferdinand Marcos Jr. said the proposed sovereign wealth fund will help boost economic development and investments in the country.

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“I wouldn’t have brought it up otherwise,” Marcos said, according to a news release posted by the Office of the Press Secretary on Monday. “It’s very clear that we need added investment. This is another way to get that.”

The Philippine leader, who’s in Belgium to attend a summit, also said the executive will wait for the proposal’s final form from Congress.

Lawmakers have introduced changes to the plan to establish the Maharlika Investments Fund after it drew opposition in the past weeks. The fund is now planned to be sourced from the central bank’s dividends instead of pension funds. It’s now backed by economic managers who said it’s a way to drive growth.

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