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Marcos' sovereign fund advances with Philippine congress nod

Trimmed down Maharlika Investment Fund moves to Senate for further scrutiny

Philippine President Ferdinand Marcos Jr. is pushing to set up a sovereign wealth fund to develop the economy and infrastructure, but critics complain of financial risks. (File photon by AFP/Jiji) 

MANILA -- Philippine President Ferdinand Marcos Jr.'s effort to create a sovereign wealth fund moved forward Thursday night after lawmakers overwhelmingly endorsed the plan, which has drawn opposition in the business community.

With 279 votes in favor of the legislation and just six against, the House of Representatives approved the bill establishing the Maharlika Investment Fund, which is aimed at fostering the Philippines' economic development and financing infrastructure projects.

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