The Philippines' $8.3bn (€5.7bn) state pension fund has handed out $1bn of overseas mandates in the latest move by an Asian state-backed retirement scheme to diversify holdings into foreign and alternative investments.

The Government Service Insurance System has awarded mandates to ING Investment Management and Credit Agricole Asset Management in Singapore. The size of the two mandates is to be decided, but in total they will account for $1bn of assets.