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Mar 26, 2024 - 11:21
By asia.nikkei.com

Philippines wealth fund will 'avoid' fate of Malaysia's 1MDB, chief says

MANILA -- The Philippines' new sovereign wealth fund is set to launch in the third quarter of this year with "proper" corporate governance to avoid the fate of scandal-ridden 1Malaysia Development Berhad (1MDB), according to its CEO.

In an exclusive interview with Nikkei Asia, Rafael Consing Jr. said Maharlika Investment Corp. (MIC), which has been hampered by a nearly yearlong delay, will prioritize transparency and accountability.