DPF eyes infrastructure as pension assets overhaul nears
Friday, March 17, 2023 | 1000 Views |
Thinking big: January
Known as the Pension Fund Rule 2 or PFR 2, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) statute at the moment requires pension funds to invest at least 30% of their assets locally.
Under changes to the Retirement Funds Act, local pension funds will be required to invest a minimum of 50% domestically, a figure that by last week meant the return of P15 billion in pensioners’ assets back home from offshore markets. At the last count, 33% of pension funds, which amounted to about P115 billion, were invested locally.
According to a report elsewhere in this publication, various district councils announced that a one-bedroom home now costs over P130,000 more, a near-unthinkable 32% increase. This isn't just a minor adjustment, but a devastating blow to the dream of affordable home ownership for ordinary citizens.What is most alarming is not just the scale of the increase, but the profound confusion it has exposed. Minister Ramogapi has publicly...