Fresh push for review of 70/30 pension fund split

Currently, the regulations direct asset managers to hold not more than 70% offshore and the balance onshore. By March 2017, the date for which latest figures are available, local pension fund assets amounted to P77.5 billion of which 62.1% was held offshore.

The latest push for a review follows a botched attempt by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) seven years ago, where it wanted 70% of the pension funds moved onshore by 2030 in order to develop local capital markets.