Repatriation of offshore pension billions begins
Friday, August 25, 2023 | 1770 Views |
Shot in the arm: The new rules are expected to provide additional capital for local infrastructure
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.
“Safety first is safety always”– Charles M HayesAs most people begin travelling across the country to spend the President’s Holidays with family and friends, there is every reason to embrace the joy and togetherness that this period brings.While holiday periods bring joy, they are sadly often accompanied by a rise in road accidents, violent incidents and other avoidable tragedies. Too often, families that set out to celebrate together end...