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Global turbulence shaves billions from pension funds

Friday, December 09, 2022 | 170 Views |

The value of assets held by local pension funds dropped to P113.5 billion in September, more than P5 billion down from the January position, as the turbulence in global markets rattles local investors.

Much of the losses in pension funds this year are associated with investments in the international tech sector, where downtrends in global giants such as Facebook, Apple, Amazon, Netflix and Google (known as FAANG) have led market turbulence.

Last year, the value of pension fund assets surged to P120.1 billion in December from P106 billion in January, buoyed by the robust performance of the FAANG group.

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