Pag-IBIG Fund has tapped BPI’s wealth management arm, BPI Asset Management and Trust Corporation (now known as BPI Wealth), to manage an additional P1 billion investment mandate, bringing its total managed fund to P2 billion. This comes after a rigorous 4-month bidding process.
In 2019, Pag-IBIG Fund outsourced the fund manager of its P5 billion portfolio. BPI Wealth was awarded the initial bid along with 4 other fund managers. With the recent landmark awarding, BPI Wealth now takes control of the biggest portion of Pag-IBIG Fund's equity investment portfolio that is outsourced to domestic fund managers.
“To be selected in the initial bid back in 2019 was an honor as this was a testament to the trust and confidence given to us by one of the largest government financial institutions in the country. We are truly grateful to be awarded this second mandate, being selected among many others who participated in the second round of bidding,” said BPI Wealth President and CEO Maria Theresa Marcial.
She also noted that this new mandate only inspires the company to do its best with the funds entrusted by Pag-IBIG: “Financial inclusion has always been at the heart of BPI’s mission. Through this renewed partnership between Pag-IBIG Fund and BPI, we are given the opportunity to further contribute to nation-building by growing the funds that enable Filipinos to live their dreams of having their own homes. This is very much aligned with our brand promise and our new tagline, #liveyourbestlife.”
The investment mandate by Pag-IBIG Fund is a pure Philippine equity portfolio. This bodes well for the agency as BPI Wealth positions to seize opportunities in the equity markets as the domestic economy sustains recovery post-pandemic.
“The partnership between BPI and Pag-IBIG goes way back. We have experienced first-hand their passion for delivering excellent fund management, and we have full trust and confidence that they will help us realize our vision of inclusive growth for every Filipino. We are excited to continue to benefit from their expertise,” said Atty. Robert John Cosico, Deputy Chief Executive Officer for Support Services Cluster of Pag-IBIG Fund.
Earlier this month, Pag-IBIG Fund reported a record-high release of P117.85 billion in home loans to finance the housing units of 105,212 members in 2022. The amount of home loans released by the agency in the said year increased by 21% or P20.57 billion compared to the P97.28 billion released in 2021.
Meanwhile, BPI Wealth reported P875 billion in assets under management as of December 31, 2022, making it the largest standalone trust corporation in the Philippines. BPI Wealth is a wholly-owned subsidiary of the Bank of the Philippine Islands authorized to engage in trust and other fiduciary services.
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