MANILA: Philippine President Ferdinand Marcos has suspended the implementation of a law creating a multi-billion-dollar sovereign wealth fund, the government said Wednesday.
The factors cited for suspension of the US8.81 billion fund were the same reasons critics cited when they opposed it – that it had no “transparency and accountability” safeguards.
MANILA: Philippine President Ferdinand Marcos on Tuesday signed into law a bill creating a $9 billion sovereign wealth fund aimed at boosting economic growth and infrastructure spending, but critics warned it will be prone to misuse.