The Philippines’ pension fund, Government Service Insurance System (GSIS), is planning to buy $4.2 billion of bonds offering exposure to the country’s infrastructure projects, Financial Times reports. The bonds will be issued by a government investment company that will provide funding to public-private partnerships for key infrastructure projects.

The pension fund for government workers is also liquidating about $670 million worth of placements in global equities, bonds and money market funds. The fund will not renew its three-year fund management mandates granted to Credit Agricole and ING in January 2008.