The establishment of the Philippines’ first sovereign wealth fund will proceed, according to President Ferdinand Marcos Jr., who said the government is only fine-tuning some rules to make it ideal.

“The concept of the Maharlika Fund as a sovereign fund remains a good one and we are still committed to having it operational before the end of the year,” Marcos said at a briefing on Thursday before leaving for Saudi Arabia to attend the ASEAN-Gulf Cooperation Council Summit.