Friday, October 19, 2018
  • share this

GSIS gets 37 applications for $800-M investment fund management

By: - Reporter / @bendeveraINQ
/ 05:08 AM April 16, 2018

The plan to hire foreign fund managers for its upcoming $800-million overseas investment generated strong interest after state-run pension fund Government Service Insurance System extended the deadline for submission of bids by two months.

In a text message, GSIS president and general manager Jesus Clint O. Aranas said they had “a lot of applicants” when asked for an update after last Friday’s deadline.


Last month, Aranas said they had received at least 37 proposals.

“We want more fund managers to choose from. We extended the deadline because we are very serious about being transparent. Thirty-seven applied; we are only going to get two. We want to get the best of the best,” Aranas had said.


In March, the GSIS extended to April 13 the deadline for submission of proposals from prospective external fund managers as Aranas had said that “the initial postings were confusing for some” of the interested parties.

Since January, the GSIS has issued eight supplemental bulletins clarifying the terms and conditions of its request for proposals.

The deadline has been moved twice, first in February and the second was on March 15. It was originally set for Feb. 16, which was moved to March 16 and finally to April 13.

As such, the period for the evaluation of technical proposals was also moved to April 16 to June 1 instead of the previous schedule of March 19 to April 30, according to Gracita Gilda V. Bocanegra, senior vice president at GSIS’ fund management group and chair of the investment bids and awards committee.

The schedules for posttechnical evaluation, opening of management fee proposal, notice of award, and contract award date were still undetermined and will be announced later, Bocanegra said.

Aranas had said the GSIS aimed to raise to 15 percent the share of foreign investments to total assets from 10 percent at present to diversify the fund’s revenue sources.

In January, Aranas announced that the pension fund would hire two foreign fund managers for GSIS’ plan to invest some $800 million overseas. The move was aimed at diversifying the pension fund’s portfolio and doubling the rate of investment returns.


Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Government Service Insurance System
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2018 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.