State-run pension fund Social Security System has earmarked P2 billion for investments this year in listed companies with relatively smaller capitalization.
“We are trying to buy a little more into small capitalization stocks.
They have good growth rates and we want to take advantage of that,” SSS president and chief executive Romulo Neri said in a chance interview.
SSS bought into similar last year, Neri said. He declined to name the companies that the state pension fund planned to invest in.
SSS last year has agreed to buy up to 10 percent of listed oil retailer Phoenix Petroleum Philippines Inc.
It has so far bought 2.83 percent of Phoenix Petroleum, or roughly 7.5 million common shares, at P5.60 apiece for P42 million, according to the petroleum dealer’s a disclosure to the Philippine Stock Exchange in November.
Neri said SSS had also bought stakes in listed remittance company iRemit Inc. and canned tuna exporter Alliance Tuna International Inc.
He said SSS had set limits in its investments. The pension fund is investing a maximum of P200 million into a listed company and will not purchase holdings that will entitle it to more than one board seat, whichever is lower.
“We have set these conditions so that our exposure will be limited,” Neri added.
Latest data available showed SSS investments reached P227.98 billion at the end of June last year, up 10.5 percent from P206.29 billion year-on-year.
The pension fund’s investments in equities reached P55.52 billion as of the first half of 2009, up from P46.13 billion on year. –Joyce Pangco Pañares, Manila Standard Today
May –
Anti-Graft and Corruption Awareness Month
“Corruption drains the nation
and victimizes workers who build the nation.
Accountability now!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
May 1 – Labor Day
May 2 – World Freedom Day
May 12 – World Communication Day
May 15 – International Day of Families
May 16 – International Day of Living
Together in Peace
May 21 – World Day for Cultural Diversity
for Dialogue and Development
Monthly Observances:
The Month of the Ocean
Anti-Graft and Corruption Awareness Month
Volunteerism Month
Weekly Observances:
Week 2: Safe Motherhood Week
Daily Observances:
May 1: Labor Day
May 7: Health Worker’s Day
May 31: National Fisherfolks Day
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