Calpers, the No. 1 U.S. pension fund, said on Monday it would in future wait a year for possible reforms before cutting off investment in emerging-market countries that no longer meet its criteria, which include political as well as economic issues. The Philippines was the only country given the year under the new watchlist policy...But Malaysia and Thailand, dropped from the list in February at the same time as the Philippines, will not be given the year to reform...In February, Calpers also ruled out investing in such large countries as China, India and Indonesia. Calpers, which can set the tone for other institutional investors, based its decisions on criteria that include civil liberties, accounting standards, labor law and market transparency.