Philippines sets up sovereign wealth fund to boost economic development
President of the Philippines Jr Ferdinand Marcos on July 18 signed into law creating the country’s first sovereign wealth fund worth 9 billion USD to promote economic growth and infrastructure development in the country.
At the signing ceremony (Photo: //www.philstar.com/)
Hanoi (VNA) - President of the Philippines Jr Ferdinand Marcos on July 18 signed into law creating the country’s first sovereign wealth fund worth 9 billion USD to promote economic growth and infrastructure development in the country.
Addressing the signing ceremony, Marcos said the Maharlika Investment Fund (MIF) will will leverage a small fraction of the considerable but underutilised investible funds in government and stimulate the economy without the disadvantage of adding additional fiscal and debt burden.
Marcos affirmed that the fund will help the government achieve its economic growth goals and reduce dependence on foreign loans, which are used to build new bridges and roads.
He pledged that the fund will be used transparently and that only top financial experts would be assigned to manage the fund.
Finance Minister Benjamin Diokno also emphasised that the fund will promote the infrastructure development in the country, create high-quality jobs, attract more foreign investors and boost growth.
The MIF will be financed with some 150 billion pesos (2.76 billion USD) from dividends from the central bank and the two state-owned banks, and𝄹 will invest﷽ in a wide range of national and international assets./.
The Philippine economy "returns to its high-growth" trajectory, supported by a strong labour market performance and cooling inflation, Secretary of the National Economic and Development Authority (NEDA) Arsenio Balisacan has said.
Philippine President Ferdinand Marcos Jr on July 7 signed into law a reform measure that writes off about 1.04 billion USD of debts owed by more than 600,000 farmers to help them boost production.
The Philippine Department of Finance (DOF) has signed a 600-million USD loan agreement with the World Bank (WB) for the country’s modernisation and industrialisation of the agricultural sector.
More than 1,600 people evacuated due to the eruption of the most active Mayon volcano in the Philippines last month have suffered from acute respiratory infections, the country’s Department of Health has annouced.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
At the signing ceremony (Photo: //www.philstar.com/) 
