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Marcos team urges on Philippine wealth fund bill amid criticism

Latest version does not require employee pension fund contributions

Philippine Finance Secretary Benjamin Diokno says plans for the central bank to contribute to a proposed sovereign wealth fund are not an assault on the bank's independence.   © Reuters

MANILA -- Philippine President Ferdinand Marcos Jr.'s economic team on Friday urged lawmakers to swiftly pass a controversial bill seeking to establish a sovereign wealth fund despite opposition from the business community and other sectors over financial and corruption risks.

"We, the economic managers of the Marcos Jr. administration, strongly support the creation of the Maharlika Wealth Fund as a vehicle to move forward the agenda for prosperity and achieve the economic goals of the administration," Finance Sec. Benjamin Diokno said in a news conference.

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