State-owned Pag-IBIG Fund, or Home Development Mutual Fund, has awarded BPI Asset Management and Trust Corp., now known as BPI Wealth, an additional P1 billion investment mandate, bringing its total managed fund to P2 billion.
The award comes after a four-month bidding process.
In 2019, Pag-IBIG Fund outsourced the fund management of its P5 billion portfolio. BPI Wealth was awarded the initial bid along with four other fund managers.
With the award, BPI Wealth now takes control of the biggest portion of Pag-IBIG Fund’s equity investment portfolio 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,” BPI Wealth president and CEO Maria Theresa Marcial said.
“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,” Robert John Cosico, deputy CEO for Support Services Cluster of Pag-IBIG Fund, said.
Pag-IBIG Fund earlier reported the release of P117.85 billion in home loans to finance the housing units of 105,212 members in 2022, up 21 percent from P97.28 billion in 2021.
BPI Wealth, meanwhile, reported P875 billion in assets under management as of end 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 engaged in trust and other fiduciary services.
