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The proposed Maharlika Investment Fund: What you need to know

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The proposal to establish the Philippines' sovereign wealth fund breezed through the House of Representatives — getting lawmakers' approval just weeks after it was floated. But will the move benefit the country? CNN Philippines breaks down what Filipinos can expect from the Marcos-backed Maharlika Investment Fund and the concerns surrounding it.

bill on final reading on Dec. 15 — or just around two weeks since the idea was first proposed.

It is patterned after the SWFs of dozens of other nations, including Singapore, China, Hong Kong, South Korea, and Malaysia..Initial capital will be sourced from the Bangko Sentral ng Pilipinas , as well as government financial institutions Land Bank of the Philippines and the Development Bank of the Philippines .

An earlier version of the bill included pension funds Government Service Insurance System and the Social Security System as among the sources for the seed capital, but lawmakers decidedSolon urges Congress to clarify role of SSS, GSIS in Maharlika fund

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