marcos
PRESIDENT Ferdinand Marcos Jr plans to promote the proposed sovereign wealth fund at the World Economic Forum in Davos next week, a few months after the plan drew controversy.
Marcos suggested that the fund be discussed when he attends the Switzerland forum, Foreign Affairs Undersecretary Carlos Sorreta said at a televised briefing yesterday.
The event, to be attended by political and business leaders, would be a “great venue to soft launch” the fund, Sorreta said.
“They will hear it directly from the president: the fundamentals we have that led us to decide that we should have a sovereign wealth fund,” the foreign affairs official added.
Marcos would also join dialogue sessions and hold business meetings in Davos to promote food and energy security, Sorreta said.
The proposal to establish a sovereign wealth fund has cleared the House of Representatives, and is awaiting the Senate’s approval.
The measure initially drew criticisms for planning to tap pension funds and the central bank’s reserves as sources.
Economic managers have backed a new version that seeks to use money from state-owned banks and central bank dividends for the seed fund. — Bloomberg
