Bongbong Marcos

Philippines' President Ferdinand Marcos Jr. (C) talks to US Secretary of State Antony Blinken (L) and US Secretary of Defense Lloyd Austin during a courtesy visit at the Malacanang Palace in Manila on July 30, 2024.

U.S. President Joe Biden made "ironclad" defense pledges to Japan and the Philippines on Thursday as he hosted his counterparts amid growing tensions with Beijing, whose actions the three leaders described as "dangerous and aggressive."

Philippine President Ferdinand Marcos yesterday signed into law a bill creating a $9 billion sovereign wealth fund aimed at boosting economic growth and infrastructure spending, but critics warned it will be prone to misuse.

Marcos had pushed Congress for swift approval of the bill, which was filed by his son and cousin late last year.