(Bloomberg) -- Philippine President Ferdinand Marcos Jr. plans to promote the proposed sovereign wealth fund at the World Economic Forum in Davos next week, a few months after the plan drew controversy.
Marcos suggested that the fund be discussed when he attends the Switzerland forum, Foreign Affairs Undersecretary Carlos Sorreta said at a televised briefing Thursday. The event that's attended by political and business leaders will be a “great venue to soft launch” the fund, Sorreta said.
“They will hear it directly from the president: the fundamentals that we have that led us to decide that we should have a sovereign wealth fund,” the foreign affairs official said. Marcos will also join dialogue sessions and hold business meetings in Davos to promote food and energy security, Sorreta said.
Why Marcos's Philippine Wealth Fund Plan Is Controversial: Q&A
The proposal to establish a sovereign wealth fund has cleared the House of Representatives, and is awaiting the Senate's approval. The measure initially drew criticisms for planning to tap pension funds and the central bank's reserves as sources. Economic managers have backed a new version that seeks to use money from state-owned banks and central bank dividends for the seed fund.
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