A sovereign wealth fund (SWF) is a state-owned investment fund that consists of money generated by the government, often derived from a country’s surplus reserves. SWFs provide benefits to a country’s economy and its citizens.
There are non-commodity-based SWFs which are designed to manage the accumulated foreign assets from persistent external trade surpluses and surpluses of stgate-owned enterprises, with the objectives of preserving the value of their capital and realizing returns on investments to keep the long-term sustainability of the fund.
The Maharlika Wealth Fund would draw resources primarily from contributions from the Government Service Insurance System , Social Security System , Land Bank of the Philippines and Development Bank of the Philippines . MWF funds will be invested in a wide range of outlets including foreign currencies, metals, fixed-income instruments, domestic and foreign corporate bonds, listed or unlisted equities, mutual and exchange-traded funds, commercial estate and infrastructure projects.To ensure transparency and accountability, the MWF would adhere to the Santiago Principles.
The bill was filed by Romualdez, majority leader Manuel Jose Dalipe, senior deputy majority leader Ferdinand Alexander Marcos, Tingog Reps. Yedda Marie Romualdez and Jude Acidre, and House appropriations panel senior vice chair Rep. Stella Luz Quimbo on Monday.
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