Diokno said state pension funds and government-owned banks and financial institutions agreed to support the proposed investment fund. READ:
Finance Secretary Benjamin Diokno answers media questions during the weekly ‘Kapihan sa Manila Bay’ on November 30.Diokno said in an interview at the sidelines of Securities and Exchange Commission’s 86th anniversary Tuesday evening the government has enough funds to support the creation of a sovereign wealth fund.
A sovereign wealth fund is a government-owned fund that invests in various assets such as real estate, foreign currencies, equities, corporate bonds, precious metals and other investment instruments. “The president will appoint people, and there will be a governing council. Some cabinet members will be there. It will be an independent body,” Diokno said.
The House committee on banks and financial intermediaries already approved in principle HB 6398, which proposes an initial investment of P250 billion from the GSIS, SSS, LandBank and DBP and another P25 billion from the national government.
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