MANILA — President Ferdinand Marcos, Jr. said the proposed sovereign wealth fund is being tailored to fit the situation in the Philippines.

Marcos, who soft launched the Maharlika Investment Fund (MIF) to world and business leaders during the World Economic Forum in Switzerland, said wealth funds "operate in a different context of law."

• Maharlika wealth fund unveiled at Davos 'to get inputs' for improvement- Finance chief

"We have to design it very specifically to the Philippine condition. And that’s what the legislators are trying to do now to make sure na babagay para sa atin and it will be a good thing for us. So that’s the process that we’re undergoing now," Marcos told reporters in Switzerland on Friday.

"You know, going on about the fund, the more we study it, the more it’s clear that... although the sovereign wealth funds around the world have the same name, they’re all very different. They’re different in purpose, they’re different in methodology," he said.

An unnamed business leader suggested that money could be raised for the MIF through an initial public offering (IPO), Marcos said.

Malacañang said the Philippine leader is looking into whether or not it will be apt for the country.

• Maharlika fund should focus on local investments first says ex-Palace adviser

Earlier this week during his participation in the WEF, Marcos said the sovereign wealth fund will diversify the country’s financial portfolio.

• Maharlika wealth fund unveiled at Davos 'to get inputs' for improvement- Finance chief

This will boost "employment creation, improve public service, and decrease costs of economic activities," he said.

Based on the latest version of the proposal, the MIF will first be funded by surpluses from government-owned and controlled corporations (GOCCs) before its listing on the Philippine Stock Exchange (PSE).

The proposed wealth fund has been criticized by activists and opposition figures, as well as some business groups.

Critics pointed out that sovereign wealth funds are seeded by windfall government profits from natural resources, such as oil or minerals, rather than money from pension funds.

Some business groups said the government was already running on huge budget deficits and the proposed law risks downgrading its credit rating.