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Philippines weighs casino, power plant sale to seed wealth fund

Marcos' finance chief: 'a lot of government assets' can be privatized

Philippine President Ferdinand Marcos Jr.'s government says the privatization of state-run casinos could provide capital for a planned sovereign wealth fund. (Nikkei montage/Reuters)

LONDON/MANILA -- The Philippines' finance secretary said the country can finance its planned sovereign wealth fund with revenue from the privatization of state-owned casinos and the sale of assets like power plants.

The country's Senate next week will discuss the proposed law to establish the Maharlika Investment Fund, following its rapid passage by the House of Representatives last month.

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