Philippines launches its first sovereign investment fund

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A trader monitors the share prices inside the Philippine Stocks Exchange in Makati City, the Philippines, July 11, 2017. (Xinhua/ROUELLE UMALI)

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.

“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 ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects contributing to sustainable development.”

Finance Secretary Benjamin Diokno said the MIF will accelerate the country’s infrastructure development, create high-quality jobs, attract more foreign investors, and propel the country towards higher growth.

Xinhua News Agency

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