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Philippines amends rules for debut sovereign wealth fund

The Philippines' presidential communications office announced revised rules for the country's first sovereign wealth fund, the Maharlika Investment Fund. The new rules give President Ferdinand Marcos Jr the power to accept or reject nominations for key positions. Marcos previously suspended the fund's implementation to enhance transparency and accountability. The amendments, aimed at insulating the fund from political influence, allow Marcos to decide on nominees for the president, CEO, and members of the Maharlika Investment Corp, which will manage the fund. Finance Minister Benjamin Diokno stated the fund will be operational by year-end with an initial capital of about USD2bn. The fund can also issue up to PHP500bn (USD8.97bn) in shares.


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