Marcos breaks silence, says Maharlika fund advantageous 'for sure'

President Ferdinand Marcos Jr. broke his silence on the Maharlika Wealth Fund on Sunday, December 11, saying that the controversial proposal is advantageous to the Philippines. Full story:

BRUSSELS, Belgium – President Ferdinand Marcos Jr. broke his silence on the Maharlika Wealth Fund on Sunday, December 11, saying that the controversial proposal is advantageous to the Philippines.

Before the media interview on Sunday, Marcos expressed approval for the Maharlika fund bill only through his economic managers as well as his relatives and allies at the House of Representatives. Asked about this change, Marcos said: “We’re just doing the regular process of looking at the bill. Well, not we. It’s the legislature. So let them do their jobs.Across the globe, most sovereign funds source their seed money from budget surplus or excess in state assets, such as oil and other natural resources. Critics of the billCriticism of the fund, however, goes beyond its seed money source.

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