MVA Fund operating income drops

According to the fund's audited results for the full year ended December 2012, offshore investments gains declined significantly last year to P28.5 million from P98.8 million.Besides the fuel levy, the MVA Fund is heavily invested locally and offshore with an investment portfolio valued at P2.7 billion as at December 31, 2012.

Last year the fund's net fuel investments increased by 12 percent from P78.3 million recorded in 2011 due to the decline in provisions for fuel levy rebates.During the 2012 financial year, the fund experienced a significant decrease in expenses with total expenses reducing by P50.5 million from P192.1 million in 2011 to P141.6 million in 2012 mainly due to the decline in net claims provision and prudent management of costs.