MANILA: Philippine legislators endorsed on Thursday a proposed law to create a $2 billion sovereign wealth fund but slashed its planned initial capital following public fears of corruption.President Ferdinand Marcos has called for a swift passage of the bill, filed by his son and a cousin, to enable the debt-laden government to earn extra funds to finance huge infrastructure projects.The Senate must pass a counterpart bill for the measure to become law.The version of the “Maharlika Investment Fund” passed by the House of Representatives on a second reading on Thursday will have two state banks initially providing a total of 75 billion pesos ($1.3 billion).Central bank profits, which the bill
Hence then, the article about philippine congress passes controversial 2 billion wealth fund bill was published today ( ) and is available onDaily Sun ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( Philippine Congress passes controversial $2 billion wealth fund bill )