Philippines President Ferdinand Romualdez Marcos Jr speaks at the Center for Strategic and International Studies in Washington, May 4, 2023. (PHOTO / AP)

MANILA - Philippine President Ferdinand Romualdez Marcos on Tuesday signed into law the Maharlika Investment Fund Act, establishing the country's first-ever sovereign investment fund.

"For the first time in the history of the Philippines, we now have a sovereign wealth fund designed to drive economic development," Marcos said at the signing ceremony at the presidential palace, stressing the MIF is "a bold step" towards the country's economic transformation.

Budget Secretary Amenah Pangandaman said the newly-created fund is envisioned to be invested in various assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects, and projects contributing to sustainable development."

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Finance Secretary Benjamin Diokno said the MIF will accelerate the country's infrastructure development, create high-quality jobs, attract more foreign investors, and propel the country towards higher growth.