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Marcos' wealth fund is wrong cure for Philippine economy

Even if managed well, it will not address poverty, inflation or corruption

| Philippines
Ferdinand Marcos Jr. in Manila on Oct. 5: The Philippine president is prioritizing a tired idea from yesteryear rather than forging a new path.   © AP

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

Soon after assuming the presidency in June, Ferdinand Marcos Jr. pledged to steer the Philippines through a uniquely "turbulent time" for the global economy.

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