Pag-IBIG taps BPI to manage P1 billion portfolio

MANILA, Philippines — The Home Development Mutual (Pag-IBIG) Fund has tapped a unit of Ayala-led Bank of the Philippine Islands (BPI) to manage a portion of its P5 billion portfolio.

After a rigorous bidding process, Pag-IBIG has chosen BPI Asset Management and Trust Corp. (AMTC) to manage P1 billion or a portion of its total investment portfolio for five years.

The fund has decided to outsource a P5-billion portfolio to fund managers for the first time. It also mandated four other fund managers to manage P1 billion each for a five-year period.

BPI AMTC president Shiela Tan said the company is grateful for Pag-IBIG Fund’s trust.

“Through this partnership, we get the chance to further contribute to nation-building by looking after these funds that are used to help Filipinos realize their dreams of having their own homes,” Tan said.

BPI AMTC intends to invest in Philippine equities and seize opportunities in the growing equities market fueled by domestic consumption.

“We are motivated to do our best with the funds entrusted to us by Pag-IBIG Fund, knowing that we are part of a bigger advocacy to promote inclusive growth and greater financial inclusion,” Tan said.

Pag-ibig Fund chief executive officer Acmad Rizaldy Moti said Pag-IBIG has been growing at an incredible pace.

“Last year, our total assets breached the half-trillion mark. With the sustained growth in our housing and savings program, we decided to bid out the management of our portfolio. We opened our doors to partners like BPI AMTC to manage part of our equity fund so that our members can benefit in their expertise,” Moti said.

Pag-IBIG Fund also showed better than expected performance as total assets reached P533.72 billion last year, while booking a record P33.17 billion net income.