Gov't mulls setting up sovereign wealth fund


Posted at Feb 18 2014 05:42 PM | Updated as of Feb 19 2014 01:42 AM

MANILA, Philippines – Finance Secretary Cesar Purisima on Tuesday said the government is open to establishing a sovereign wealth fund to bring in more revenues.

He said discussions are being made by the national government and the Bangko Sentral ng Pilipinas, but no decision has been made yet.

“There are several ways of putting it up, either the Bangko Sentral as part of the reserve employment strategy or the national government to put it up from the national government standpoint, but no decision has been made,” Purisima explained.

Purisima said putting up a sovereign wealth fund is “just one of the ideas” that has been discussed to bring in investments, noting that the talks have not been raised to the President.

“I’m aware that the central bank has been discussing it and at the cabinet level but not the President level where we will be talking about whether this is something that we will pursue,” he said.

The government may use the sovereign wealth fund to fund investments and raise more funds for projects.