The economic managers “strongly support” the proposed sovereign wealth fund to generate additional income for the government, Finance Secretary Benjamin Diokno said.
Philippine economic officials have thrown their support behind the creation of a sovereign wealth fund backed by President Ferdinand Marcos Jr amid opposition from some groups due to concerns over the risk of corruption and transparency.The economic managers “strongly support” the proposed sovereign wealth fund to generate additional income for the government, Finance Secretary Benjamin Diokno told a media briefing, as he called for the speedy passage of the bill creating the fund.
“Direct benefits of the include increased investments in and funding of big ticket infrastructure projects, high return on green and blue projects, and countryside development including agriculture,” Diokno said, reading a joint statement. The bill, whose principal authors in the House of Representatives include Marcos’ son and cousin, has drawn strong opposition from business groups and ordinary citizens after it originally proposed sourciAuthors of the bill have agreed to remove that contentious provision,The Bangko Sentral ng Pilipinas, whose governor Felipe Medalla earlier
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