Philippines launches its first sovereign investment fund ...Middle East

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Philippines launches its first sovereign investment fund
source : Daily Sun ( Middle East ) () 25
MANILA: Philippine President Ferdinand Romualdez Marcos on Tuesday signed into law the Maharlika Investment Fund (MIF) Act, establishing the country’s first-ever sovereign investment fund, reported Xinhua.“For the first time in the history of the Philippines, we now have a sovereign wealth fund designed to drive economic development,“ Marcos said at the signing ceremony at the presidential palace, stressing the MIF is “a bold step” towards the country’s economic transformation.Budget Secretary Amenah Pangandaman said the newly-created fund is envisioned to be invested in various assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventur

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