International Finance
Asset Management

Market crash: Philippine’s Pag IBIG invites external investments

Philippines Pag IBIG
The fund allowed the external parties to invest in a total of 4.5 billion of its assets

The Philippine’s Home Development Mutual Fund (HDMF), more popularly known as Pag IBIG, invited external parties to invest in equities on its behalf.

The Philippines decided to widen its investments amid a slump in the stock market. The net assets of the Pag IBIG fund are worth 570 billion pesos or $10.8 billion.

The Philippines’ Pag IBIG fund has deployed an additional 570 million pesos to its five external fund managers. According to chief executive Acmad Rizaldy Moti, the additional investment allows external parties to invest in total assets worth 4.5 billion pesos.

He added that the volatile market scenario gives the fund an opportunity to diversify its portfolio and it is trying to take advantage of the situation to achieve its goal.

The Philippines Stock Exchange Index saw a 3 percent fall on Thursday which is considered to be the biggest loss in Asia that occurred in a single day. The trading closed at a 0.4 percent lower valuation, the lowest in three months.

“Smart money comes in whenever the market hits extremes that we could be building a bottom at 7,700 already.  Some value is emerging for long term investors,” said Justino Calaycay, an analyst at Philstocks Financial Inc.

The on-going US- China trade war, a devaluation in the Chinese currency yuan and slow economic growth in Philippines have affected the Philippines stock exchange market which has slumped more than 6.4 percent this year until Thursday.

Established in 1978, Pag IBIG is responsible for the administration of the national savings program. The fund provides financing for housing facilities for Filipinos employed by local as well as foreign employers.

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