MANILA: According to Ferdinand Marcos Jr. ‘ s communications company, the Philippines’ first sovereign wealth fund has been put on hold as of Wednesday, October 18.
According to the Executive Secretary’s business, Marcos Jr. suspended the fund” because he wanted to thoroughly examine the( implementing laws and regulation ) to ensure that its purpose will be realized for the development of the country with safeguards in place for clarity and responsibilities.”
The Maharlika Investment Fund, the nation’s first sovereign wealth fund, was established by a bill that Marcos Jr. approved in July. He hailed this account as an important catalyst for his plan to improve equipment and quicken economic growth.
The bank will be permitted to issue 500 billion Philippine pesos( US$ 8.81 billion ) value of preferred and common shares, which can be bought by the federal government, state-run businesses, and banks.