Philippine business groups on Monday attacked a plan backed by President Ferdinand Marcos Jr. to establish a 275-billion peso ($4.9 billion) sovereign wealth fund.
Relatives of Marcos in Congress last week filed a bill seeking to create the fund — one of his administration’s boldest economic plans to date. Opposition to the fund has since mounted, with some critics warning it could wind up becoming like 1MDB, the corruption-plagued Malaysian sovereign wealth fund.