SSS taps Landbank, DBP as fund managers
MANILA -Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) are now managing a total of P2 billion in investments belonging to the Social Security System (SSS), from which the state-administered fund hopes to see greater returns over the next three years.
Rolando Macasaet, president and chief executive of SSS, said in a statement that the pension fund has tapped the respective trust banking groups of Landbank and DBP as fund managers.
Macasaet said the two state-run banks each received P1 billion worth of investible funds that are intended for fixed-income opportunities or investments in the debt market.
He said Landbank and DBP shall manage the funds within specific risk parameters for three years starting last October to expand the SSS investment portfolio and generate more earnings.
“We see that SSS will greatly benefit from tapping external fund managers to manage a portion of our investible funds,” Macasaet said.
“We can take advantage of their expertise to help grow the SSS funds and diversify the investment portfolio,” he added.
The engagement with Landbank and DBP brought to seven the award from SSS of separate domestic investment management deals totaling at P8 billion, which also cover opportunities in balanced fund and equity fund.
READ: SSS taps BPI Wealth to manage P2.5-B investment fund
Earlier this year, SSS tapped Bank of the Philippine Islands Asset Management and Trust Corp. and Security Bank Corp.-Trust and Asset Management to handle P2 billion funds allocated also for pure fixed income investments.
