[Philippine Congress approves the establishment of the country's first sovereign wealth fund]-according to the Philippine Daily Inquirer and Bloomberg on May 31, the Philippine Congress approved the establishment of the country's first sovereign wealth fund, which was promoted by President Marcos, who now needs to sign the bill into law. The Philippine House of Representatives approved the establishment of the Mahalica Investment Fund (Maharlika Investment Fund) through the Senate's version of the bill. According to the Philippine Senate version of the bill, the country will set up a corporate body Mahalika Investment Company to manage the fund, with an authorized share capital of 500 billion pesos (about 8.9 billion U.S. dollars). The Philippine government will subscribe for 125 billion pesos of common shares, the Philippine Land Bank will subscribe for 50 billion pesos, and the Philippine Development Bank will subscribe for 25 billion pesos.