Repatriation of offshore pension billions begins

Friday, August 25, 2023 | 1750 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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