21.03.2013 - BSP offers to sell dollars for sovereign wealth fund
The Bangko Sentral ng Pilipinas (BSP) has offered to sell US dollars to the National Government to capitalize the proposed sovereign wealth fund. On the sidelines of the national convention of the Chamber of Thrift Banks (CTB), BSP Governor Amando V. Tetangco Jr. said the country’s economic team led by Finance Secretary Cesar Purisima is proposing to establish a sovereign wealth fund, which would be government’s tool to make investments in the open or international market as another instrument for raising funds. However, the wealth fund must be capitalized with US dollars. “If the government decides to put up the wealth fund, we can sell them the dollars which they can use to fund their operations especially overseas,” Tetangco said...............................................Full Article: Source
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