Business group urges evaluation of similar PH gov’t sovereign funds

The Chamber of Commerce of the Philippine Islands has recommended an in-depth analysis and evaluation of what it called as similar sovereign wealth funds existing in the country to help in coming up with a decision on the proposed Maharlika Wealth Fund .

“Therefore, it is of extreme importance to do in-depth analysis and evaluation of the SWFs currently existing in the Philippines and in other countries,” he said. Yulo explained that the more important reasons for sovereign wealth funds are to enable a country to get rare metals or strategic requirements for their country’s development and security. Another important reason is to maximize the value of investment funds that normally come from “excess reserves earned from commodities, minerals or from natural resources.”

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