Monday, May 21, 2007 Assets managed by firm double
OWING to Cebu’s bullish economy, the Philam Asset Management Inc. (Pami) reported an increase in the value of investments or assets it is managing in the province.
Pami reported that in Cebu alone, it managed a total asset of P380 million in the first quarter of this year, a 58 percent jump from the same period last year.
Karen Roa, Pami president and chief executive officer, said Cebu continues to contribute “tremendously” to the company as Cebuanos continue to see the benefits of long-term savings and investments.
In the national level, Pami’s total assets in management grew to approximately P20 billion at the end of 2006. Roa said it accounts for 60 percent of the country’s mutual fund industry.
She added that the first quarter data revealed the company’s total assets has gone up to P21.45 billion.
The country’s investment scheme shows a shift towards the equities sector as more Filipinos capitalize on the strong Philippine stock market, said Gina Morales, Pami executive vice president for sales and marketing.
Imelda Estrada, Pami regional manager for the Visayas, reported the company’s total assets in terms of equity funds reached P2 billion in the first quarter this year.
“In the global market, investors are getting sophisticated. That’s why we encourage long-term investments because that’s where the yields are,” Roa told a press conference last Friday at the Café Havana.
She said the company aims to “revolutionize Filipino savings” through the various products and services it offers to better help consumers allocate their money for investment purposes.
In line with this, Jerry Tan, the company’s head of retail and sales, said Pami is set to conduct road shows nationwide to actively promote the benefits of investment and savings.
Partners
Apart from expanding its product line, Pami will also partner with banks, call centers, brokerages and big corporations with savings banks, Roa added.
Recently, Pami started offering the Philam Managed Income Fund Inc. (Pmif), which helps investors generate quarterly cash flows in the form of redemptions. These redemptions enable them to meet short-term financial needs while building long-term funding requirements.
The fund caters to overseas Filipino workers and retirees who need to provide for their family’s daily needs.
The Pmif, a fund invested purely on government securities and provides quarterly cash flows, generated a net yield of 3.08 percent last 2006.
The Philam Bond Fund Inc., considered as its most sellable fund, posted a return of 14.48 percent last year, while its counterpart, the Philam Dollar Bond Fund provided a return of 8.62 percent for the same period.
In addition, Philam Strategic Growth Fund Inc. had a record yield of 43.32 percent, the highest since its launching in 1998, the company said.
The Government Service Insurance System Mutual Fund Inc. reported a return of 43 percent and the Philam Fund Inc., the oldest Philam fund, posted its second highest return at 36.90 percent.
Pami is wholly-owned by Philamlife, an insurance company operating in the country and a member of the American International Group. (MMM)
