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Philippine President Ferdinand Marcos Jr. is promoting the Maharlika Investment Fund with an eye on his legacy, some observers say.   © Nikkei montage/Source photo by Yuki Kohara
Asia Insight

Maharlika Investment Fund provides 'make or break' test for Marcos

Amid opposition and historical baggage, president pushes sovereign wealth fund

CLIFF VENZON, Nikkei staff writer | Philippines

MANILA -- During a breakfast meeting at the World Economic Forum in Davos in January, Philippine President Ferdinand Marcos Jr. told corporate executives about the reserves his heavily indebted country has sitting in commercial and government banks.

"We need to find a way to make that money work for us," he said to the assembled guests, among them representatives of Morgan Stanley and Sequoia Capital, as he made his case for his country's first sovereign wealth fund.

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