Sovereign wealth fund proposal should be scrapped

THE recent bill jointly filed by House Speaker Martin Romualdez and Rep. Ferdinand "Sandro" Marcos 3rd to create a sovereign wealth fund for the Philippines is an interesting enough idea, and perhaps there would be some instructional value in studying it. However, with the rather checkered history of sovereign wealth funds in general, controversies surrounding large-scale funds in the Philippines in particular, and our unfortunate record of persistent corruption, the proposal should be shelved.