Philippine lawmakers approve US$8.9 billion sovereign wealth fund | The Malaysian Insight

Philippine lawmakers approve US$8.9 billion sovereign wealth fund

Philippine lawmakers approve the creation of an US$8.9 billion sovereign wealth fund to boost growth and cut poverty. – EPA pic, May 31, 2023.

PHILIPPINE lawmakers approved the creation of an US$8.9 billion sovereign wealth fund today to boost growth and cut poverty, but critics insisted it was a “scam” and should be scrapped. House of Representatives deputy speaker Aurelio Gonzales declared the Senate’s version of the bill approved during a session.

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