Marcos indicators Philippines’ wealth fund invoice into legislation

“We are going to leverage on a small fraction of the appreciable however underutilized investable funds of presidency and stimulate the financial system with out the drawback of getting extra fiscal and debt burden,” Marcos mentioned in a speech after signing the invoice.

The president additionally mentioned the fund will enhance international investments, and gave assurance that will probably be managed properly.

“Allow us to be sure that the selections being made for the fund aren’t political choices, however monetary choices,” Marcos mentioned.

The invoice hurdled Congress in lower than a 12 months and acquired large help from administration lawmakers after the president and his financial managers sought its fast passage. Marcos’s financial workforce mentioned the wealth fund will make extra assets accessible for presidency to spend and assist enhance financial development.

Some economists, nonetheless, have raised issues in regards to the fund’s timing and potential influence on public coffers, in addition to the chance of corruption. Financial managers mentioned ample safeguards, together with audits, are in place to attenuate dangers.