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Philippines committed to start operating sovereign wealth fund this year - president
Philippines committed to start operating sovereign wealth fund this year - president
Philippines committed to start operating sovereign wealth fund this year - president
by DZRH News20 October 2023
FILE PHOTO: Philippine President Ferdinand Marcos Jr. delivers his speech during a joint press statement with European Commission President Ursula von der Leyen at the Malacanang Presidential Palace in Manila, Philippines, July 31, 2023. Aaron Favila/POOL via REUTERS./File Photo

MANILA (Reuters) - Philippines President Ferdinand Marcos Jr said on Thursday that the government is still committed to starting operations of a sovereign wealth fund by year-end.

The government is finding ways to make the fund "as close to perfect and ideal as possible," Marcos said in a speech before departing to Riyadh to join the ASEAN-Gulf Cooperation Council Summit.

One of the most important aspects of his trip includes the sovereign wealth fund's introduction to the world, specifically to Middle Eastern countries, Marcos said.

Marcos suspended the implementation of the fund to ensure safeguards are in place. The government touted the fund, which was signed into law in July, as a key driver for the country's economic growth and infrastructure upgrade plans.

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(Reporting by Neil Jerome Morales; Editing by Kim Coghill and Stephen Coates)

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