INSIGHT: SOUTHEAST ASIA - Philippines President Marcos Creates First Sovereign Wealth Fund, Critics Fear

Critics have also questioned the source of seed excess revenues or natural resource extraction profits, funding and the timing of the MIF when the Philippines the MIF’s initial seed funding of C$3 billion (125 is battling high inflation and debt, and a trade deficit. [...] The of investible funds to the MIF risks destabilization of MIF empowers the government to use the fund to invest the central banks. [...] Members include the secretary of finance as chair, the presidents of the Land Bank WHAT’S NEXT of the Philippines and the Development Bank of the Philippines, and the managing MIC’s CEO, alongside 1. [...] The board of directors, including the CEO of the and House Speaker Ferdinand Martin Romualdez, newly created MIC, will be appointed by September, and and Romualdez's wife Yedda Marie has led to further the MIF will be fully operational by the first quarter of criticism that the MIF is a family affair. [...] Prospects of the fund: reasons the Philippines was plunged into a debt crisis The success of the fund will largely depend on the people from which it hasn’t recovered.