Biz groups oppose creation of Maharlika Wealth FundPresident Ferdinand Marcos Jr. delivers his first State of the Nation Address as newly elected Congress leaders, Senate President Juan Miguel Zubiri and House Speaker Martin Romualdez, react on Monday, July 25, 2022. MANILA, Philippines — Business groups joined a clarion call to oppose the Marcos Jr. administration’s plan to create a sovereign wealth fund, owing to concerns of fiscal prudence, transparency and economic interventionism. Related Stories Does the P250-B Maharlika Wealth Fund make sense? These business groups likewise pointed out that the creation of the Maharlika will not be filling in any gaps, or “missing institutions” within the domestic economy. These business groups also noted that the Maharlika’s existence would usher in a period of economic intervention from the government.

Source: Philippine Star December 05, 2022 20:00 UTC