Pag-IBIG taps Metrobank to manage P1-B equity fund

MANILA, Philippines — The Home Development Mutual Fund or Pag-IBIG has tapped Ty-led Metropolitan Bank & Trust Co. (Metrobank) as one of the local equity fund managers.

Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti said the agency is investing P5 billion in local equities, broken down into five P1 billion lots, as part of the government’s efforts to diversify its investment portfolio.

Moti said Pag-IBIG Fund continues to grow, breaking performance records year after year with assets breaching the P500-billion mark for the first time last year. There are about 14 million Pag-IBIG Fund members.

“Thus, we are tapping Metrobank’s expertise, sound policies, and effective fund management strategies to manage part of our equity fund to help us sustain the fund’s growth that will redound to the benefit of our members,” Moti said.

Metrobank, along with four other local equity fund managers who participated in the bid, secured one of the five lots.

Dondi Santillan, senior vice president and trust banking group head at Metrobank, said the bank owned by the family of the late taipan George SK Ty is privileged to work with Pag-IBIG Fund in its first foray into the stock market.

“Our over six decades of banking and investment experience, along with our award-winning fund managers, ensures that the investment is in good hands,” Santillan said.

Pag-IBIG Fund remains as one of the strongest government institutions today with P533.72 billion in total assets as of end-December.

Metrobank is the country’s premier universal bank and has one of the largest domestic networks with over 950 branches and over 2,300 ATMs nationwide. It has 32 foreign branches, subsidiaries and representative offices.