TODAY'S EDITORIAL: Sovereign fund the wrong message to deliver to Davos
AS reported on Thursday by an enthusiastic Foreign Affairs Undersecretary Carlos Sorreta, President Ferdinand 'Bongbong' Marcos Jr. plans to 'introduce' the proposed Maharlika Wealth Fund to world business and political leaders when he makes his first visit to the annual World Economic Forum in Davos, Switzerland this coming week.
These include the Philippines lacking the essential financial resources, usually surpluses from trade or mineral wealth, considered necessary for creating a sovereign wealth fund, questions about the legality of tapping dividends from the government-owned Land Bank of the Philippines and Development Bank of the Philippines, and unanswered questions about evident shortcomings in the proposed fund's safeguards.
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