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Philippines sovereign wealth fund plan wins key Senate approval

Marcos' pet Maharlika Investment Fund stoked debate over funding, corruption fears

Philippine President Ferdinand Marcos Jr. says the country's first sovereign wealth fund will boost economic growth.   © AP

MANILA -- Philippine President Ferdinand Marcos Jr.'s bid to create the country's first sovereign wealth fund won Senate approval on Wednesday, all but confirming passage of the controversial plan.

In the early morning hours, the Senate voted 19-1 in favor of passing the "Maharlika Investment Fund Act of 2023" after Marcos marked his signature economic policy "urgent" legislation to speed up its passage. One senator abstained from voting.

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