DAVOS, Switzerland: President Ferdinand 'Bongbong' Marcos Jr. made a pitch for the proposed sovereign wealth fund at the World Economic Forum here, saying it is one of his government's tools in its efforts to diversify the country's financial portfolio.
Following the backlash, authors of the Maharlika Wealth Fund bill made an amendment which provides that dividends of the Bangko Sentral ng Pilipinas would be used as initial investment instead of Social Security System and Government Service Insurance System contributions.Other funding sources include P50 billion from Landbank of the Philippines and P25 billion from the Development Bank of the Philippines.
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