Kota Kinabalu: Senator Imee Marcos expressed fright over the proposed creation of a sovereign wealth fund for the Philippines, saying the 1Malaysia Development Berhad (1MDB) scandal that left Malaysia with debt of RM42 billion with yearly repayments of RM30 billion for years to come sent jitters down her spine.
Imee, the elder sister of President Ferdinand Bongbong Marcos Jr was referring to House Bill 6398 penned by a group of administration congressmen led by her cousin House Speaker Martin Romualdez and nephew Ilocos Norte Rep. Sandro Marcos.
The Bill seeks to create the fund which, once becomes a law, will be dubbed as the “Maharlika Investment Fund” (MIF).