MANILA, Philippines—The state-owned Government Service Insurance System is set to review its global investment program to decide whether it must bring back all the funds it invested offshore or place them in other emerging markets in Asia.
The GSIS has a $600-million exposure in global markets—a result of the pension fund’s overseas diversification thrust initiated in 2008.
The allotment was originally set at $1 billion, but the GSIS, under its new president Robert Vergara and chairman Daniel Lacson, suspended the disbursement of the additional $400 million set by the previous board.
“The next debate will be whether we should continue with the global investment program,” Vergara told the Inquirer. “We will review this whole program in the first quarter of 2011,” he said, noting that the time frame was in line with the three-year mandate given to the global fund managers now handling the GSIS’ overseas exposure.
Vergara said the previous GSIS board had already given the green light to invest an additional $400 million in markets abroad. However, he said, the new management decided to suspend the deployment because of the trip President Aquino was about to make.
Aquino was about to leave for the United States to convince investors to bring funds to the Philippines, Vergara said.
At that time, he added, it seemed “rather uneasy” to invest money abroad in light of the President’s mission.
If the GSIS would continue with this overseas investment program, Vergara said he would prefer that the funds be rechanneled to emerging markets.
About $400 million of the GSIS’ fund is placed in the Amundi balanced fund run by Credit Agricole which, in turn, invests in fixed income in developed markets. Another $200 million is managed by Pimco, the world’s largest fixed income fund manager with over $1 trillion in assets. –Doris Dumlao, Philippine Daily Inquirer
September 18 –
International Equal Pay Day
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more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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