Philippine President Ferdinand R. Marcos Jr. has approved a bill establishing the nation's first sovereign wealth fund, the Maharlika Investment Fund, a major component of his economic strategy. This move is aimed at modernising infrastructure and boosting economic growth while reducing reliance on borrowing. The fund, whose governance had previously raised concerns, will be managed professionally and without political interference. Its capital will come from the issuance of PHP500bn (USD9.19bn) worth of shares available for purchase by the national government, state firms, and banks. It will invest in a variety of instruments primarily to generate income for infrastructure projects. The fund's launch date is yet to be announced.