President Ferdinand Marcos wants a bill, filed by his son and a cousin, to be passed quickly so government can finance huge infrastructure projects. Photo: AFP
President Ferdinand Marcos wants a bill, filed by his son and a cousin, to be passed quickly so government can finance huge infrastructure projects. Photo: AFP

Philippine Congress passes controversial US$2 billion wealth fund bill

  • President Ferdinand Marcos called for a swift passage of the bill, which will have two state banks initially providing a total of US$1.3 billion
  • An earlier version was abandoned after critics, including business groups, warned the fund could deplete worker pensions and stoke corruption

President Ferdinand Marcos wants a bill, filed by his son and a cousin, to be passed quickly so government can finance huge infrastructure projects. Photo: AFP
President Ferdinand Marcos wants a bill, filed by his son and a cousin, to be passed quickly so government can finance huge infrastructure projects. Photo: AFP
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