in FTX as the cryptocurrency platform declared bankruptcy.
In questioning the decision to use government pension funds, Barcelon compared the proposed local sovereign wealth fund with those of other countries. Barcelon warned in a separate statement, “Pooling resources from the revenues of the national government, the Central Bank’s and government-owned financing institutions, may impact the sustainability of the country’s welfare system and financial standing.”
“With a good credit standing, we do get lower rates from foreign banks. That, I think, is more important for us. Maintain our good credit standing – not putting something that might give worldwide banks that entertain doubts whether this will really fly or not,” Barcelon said in the ANC interview.The PCCI had previously supported the creation of the Maharlika fund.
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