Friday, October 10, 2008 Mutual funds entices workers in CV to invest
THE idea of being able to save a substantial amount for their retirement has attracted workers in Central Visayas to become investors and apply for the Personal Investment Program (PIP) of the Philam Asset Management, Inc. (Pami).
Without giving figures, Pami regional manager for the Visayas Imelda Estrada said that PIP already holds a growing customer base in Central Visayas alone since it was launched earlier this year.
Customers come from various industries, including the academe and business process outsourcing.
“Apart from retirement, these people also want to save for their future, achieve their financial goals and beat inflation through an affordable savings scheme,” Estrada said.
Partnership
To continue to expand its client base, Pami forged a partnership with human resources divisions of various companies.
According to Pami, PIP allows retail investors to take advantage of diversification, liquidity and financial expertise that only organizations with extensive financial muscle can provide. It allows investors to join Pami’s PIP mutual funds for as low as P1,000 a month.
A mutual fund is a pooled investment managed by an investment company, like Pami, which invests it in stock and bonds, among others.
Under PIP, the minimum initial investment for individuals is P10,000. For company-endorsed PIP, the minimum initial investment is P1,000 for a group of 10 employees. For both investor types, minimum amount for succeeding investments is P1,000 a month over a specified period. This type of investment could be done through salary deduction or issuance of post-dated checks.
Pami said that PIP, being a long-term product with its monthly basis payment, is indifferent to market volatility.
Apart from PIP, Pami manages several mutual funds, including Philam Bond Fund, Philam Dollar Bond Fund, Philam Managed Income Fund and GSIS Mutual Fund.
Pami, the first asset management company in the country to manage a family of funds, is a wholly owned subsidiary and the mutual fund arm of the Philippine American Life and General Insurance Co. (Philamlife) that is a member of the American International Group (AIG) Inc.
Pami, being a subsidiary of Philam Life, is being planned for divestment to enable its parent company AIG to pay off a loan from the United States Federal Reserve. Despite its planned sale, Pami and Philam Life have assured that they remain “stable” and “liquid.” (NRC)
