Philippines' SWF gets go-ahead amid fierce opposition
With no commodity-based or government surpluses to invest, some are questioning why the Philippines needs a sovereign wealth fund. Its proponents say it will ensure state funds are invested for the best return.
Lawmakers in the Philippine House of Representatives last week approved a Senate bill allowing for the establishment of the Maharlika Investment Corporation (MIC), the body that will manage the Philippines' new Maharlika Investment Fund (MIF). Philippines president Ferdinand ‘Bongbong’ Marcos signed off on the bill on June 1.
The Philippines’ new sovereign wealth fund, long talked about and now finally in play, will not have an easy time of it, judging from the hostility directed …
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