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Philippine businesses attack Marcos sovereign wealth fund plan

Officials defend Maharlika Investments Fund, saying it won't be like 1MDB

Relatives of Philippine President Ferdinand Marcos Jr. last week filed a bill in Congress seeking to create a sovereign wealth fund. (File photo by AP) 

MANILA -- Philippine business groups on Monday attacked a plan backed by President Ferdinand Marcos Jr. to establish a 275-billion peso ($4.9 billion) sovereign wealth fund.

Relatives of Marcos in Congress last week filed a bill seeking to create the fund -- one of his administration's boldest economic plans to date. Opposition to the fund has since mounted, with some critics warning it could wind up becoming like 1MDB, the corruption-plagued Malaysian sovereign wealth fund.

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