Repatriation of offshore pension billions begins

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


Editor's Comment
Our queen: Bring home the crown

Well-wishers gathered at the Sir Seretse Khama International Airport to bid our queen farewell and wish her success as she joins other beauties from around the globe for the coveted crown. Competing in such events is nerve-wracking, and one needs to be fully prepared to stand a chance of making it as a finalist.It is not just about physical fitness; mental state matters too. Unfortunately, sometimes our queens end up facing such fierce...

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