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Repatriation of offshore pension billions begins

Friday, August 25, 2023 | 1720 Views |

Shot in the arm: The new rules are expected to provide additional capital for local infrastructure

NBFIRA has kick-started new investment rules that will require local pension funds to keep a minimum of 50% of their assets in the country, a figure that by May meant the repatriation of P16.8 billion.

Known formally as the Pension Fund Rule 2 or PFR 2, the NBFIRA (Non-Bank Financial Institutions Regulatory Authority) statute previously required 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 as at May meant that P16.8 billion would have to be repatriated.

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Repatriation of offshore pension billions begins

NBFIRA has kick-started new investment rules that will require local pension funds to keep a minimum of 50% of their assets in the country, a figure that by May meant the repatriation of P16.8 billion.

FIFA World Cup draw – The countdown begins!

DIS Director's daughter rape case stalls

Main Mall’s resilience, sturdiness in the face of stiff competition

When defiance becomes personal brand equity

De Beers’ new owner should be the one who can fix it

Mascom leads digital literacy drive, launches smart classroom

title

Depression is real; let's take care of our mental health

Depression is real; let's take care of our mental health