Marcos' cousin, son push $4.9bn Philippine sovereign wealth fund

Maharlika Investments Fund eyes Singapore and Indonesia as models

Philippine President Ferdinand "Bongbong" Marcos Jr., on the left, seen here with his cousin and House Speaker Martin Romualdez earlier this year. © Getty Images

CLIFF VENZON, Nikkei staff writer

November 29, 2022 17:38 JST

MANILA -- Philippine House Speaker Martin Romualdez, the cousin of President Ferdinand Marcos Jr., has filed a bill seeking to establish a 275-billion peso ($4.9 billion) sovereign wealth fund to support the administration's economic agenda.

House Bill No. 6398, filed on Monday and co-authored by the president's son Ferdinand Alexander, is aimed at setting up what would be known as the Maharlika Investments Fund.