Tag: funds

To lure younger investors, BPI Wealth to launch new mutual fund

To lure younger investors, BPI Wealth to launch new mutual fund

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BPI Wealth – the wealth management arm of the Bank of the Philippine Islands (BPI) – will establish a new mutual fund to lure in young and tech-savvy investors, according to a Manila Bulletin business news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

Amid favorable conditions for long-term investments, the wealth-management arm of Ayala-led Bank of the Philippine Islands (BPI) will roll out before this year ends a new mutual fund eyeing young and tech-savvy investors.

BPI Wealth personal wealth head Irene Ang told a press briefing on Friday, October 18, that the forthcoming BPI Wealth Builder Multi-Asset Mutual Fund Inc. is expected to be approved “soon” by the Securities and Exchange Commission (SEC), which regulates mutual funds, for it to be sold to the public.

This first-of-its-kind balanced, global-based and peso-subscription and -redemption fund aims to convince millennials and the Gen X generation in the country to invest and prepare for their retirement, Ang said.

Among the innovative and unique features of this mutual fund include availability for a minimum of only P1,000; accessibility on BPI’s online platforms and accredited channels to conveniently open an investment account, monitor investments, and receive cumulative rewards and benefits at no extra cost; as well as an automated and automatic top-up system allowing additional investments of at least P100 monthly.

Ang is optimistic that up to P1-billion investments in their upcoming newest mutual fund would be “easy.”

BPI Wealth president and chief executive officer (CEO) Maria Theresa D. Marcial noted that among their investors, those who onboarded via digital channels continued to engage more regularly than branch-opened accounts.

“We should push more into digital initiatives,” said Marcial, who is spearheading BPI’s “Wealth Wellness Month” this October to promote financial inclusion and literacy as well as opportunities for small investors.

Marcial disclosed that as of end-September, BPI Wealth’s assets under management (AUM) rose to a new high of P1.4 trillion, from P1.2 trillion in end-2023.

On top of the earlier goal of 20-percent AUM increase for this year, Marcial said a further 15-percent growth next year will be “reasonable.”

BPI Wealth targets P3 trillion in AUM by 2026.

Marcial cited that while mutual funds and other assets experienced a roller-coaster ride of ups and downs during the past three years due to global financial conditions, the clarity in the ongoing monetary policy easing here and abroad this year has improved prospects.

“We’re seeing markets becoming more buoyant, and fund managers are becoming more constructive across asset classes,” she said.

“Bonds are expected to do better, as interest rates go lower. And because interest rates are lower… so [in] equity we’re seeing some renewed interest,” she added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think BPI Wealth’s newest move makes a lot of sense with today’s economic environment? Do you think a lot of millennials are willing to engage in investments?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

BIR extends deadline for online businesses to transition to new withholding tax system to July 14, 2024

BIR extends deadline for online businesses to transition to new withholding tax system to July 14, 2024

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Recently the Bureau of Internal Revenue (BIR) announced that July 14, 2024, is the new deadline for online businesses to transition to the new withholding tax system, according to a GMA Network news report. Previously the deadline was April 15, 2024 and online businesses with annual earnings of over P500,000 were to be covered by the 1% withholding tax.

To put things in perspective, posted below is an excerpt from the GMA news article. Some parts in boldface…

The Bureau of Internal Revenue (BIR) announced Tuesday that it has extended the deadline for online merchants to transition to the new withholding tax system by 90 days.

According to the agency, Revenue Memorandum Circular No. 55-2024 extended the transitory period for compliance with Revenue Regulations (RR) No. 16-2023 until July 14 after considering the private sector’s request on the implementation.

“This 90-day extension of the transitory period under RR No. 16-2023 shows the BIR’s commitment in listening to the voice of the private sector,” BIR Commissioner Jun Lumagui said in a statement.

“This is part of my administration’s thrust on Excellent Taxpayer Service. We hear the thoughts of the private sector, and if the same is reasonable, then we make policy adjustments for the benefit of the Filipino people,” added Lumagui.

Under RR No. 16-2023, one-half of the gross remittances of e-marketplace operations and digital financial services providers to the sellers or merchants for goods or services paid through their platform shall be subject to a 1% creditable withholding tax.

The BIR said that the online transactions industry has experienced growth during and after the coronavirus pandemic but it appeared that many online sellers were not paying their share in taxes.

RR No. 16-2023 was signed by Lumagui and Finance Secretary Benjamin Diokno in December 2023.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the new deadline will give all online businesses here in the Philippines enough time to transition into the new withholding tax system?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

AIA Philippines’ investment management arm expresses optimism of robust growth of the Philippine economy

AIA Philippines’ investment management arm expresses optimism of robust growth of the Philippine economy

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Recently, the investment management arm of AIA Philippines expressed confidence that the Philippine economy will continue to have robust growth in connection with what they claim to be an expanding manufacturing sector, according to news article published by the Philippine News Agency (PNA).

To put things in perspective, posted below is the excerpt from the PNA news report. Some parts in boldface…

An official of the investment management arm of AIA Philippines is optimistic on the robust growth of the domestic economy as the manufacturing sector continues to expand.

In a briefing on Thursday, AIA Investment Management and Trust Corporation Philippines (AIAIM Philippines) chief executive officer Angie Pacis said the country’s manufacturing sector is expected to continue posting expansion following the seven-month high manufacturing index in January 2023.

“Notwithstanding the slight weakening of the business confidence and consumer confidence, businesses will still be on a growth track,” she said.

The S&P Global Manufacturing Purchasing Managers Index (PMI) hit 53.5 in the first month this year. An index of 50 and above indicate expansion while those below 50 indicate contraction.

Pacis said forecasts point to continued 50-level index in the coming months.

Pacis also identified demographic dividends as among the factors that will help boost domestic growth this year given the large number of young people who are part of the workforce.

“It’s a young population, it’s a big population with a growing middle class that is actually becoming stronger. Because of that, we will continue to attract investments notwithstanding some of the structural problems,” she added.

These factors are seen to boost one-year-old AIAIM Philippine business, which currently offers three unit investment trust funds (UITFS) namely AIA Peso Adventurous Fund, AIA Peso Balanced Fund and AIA Peso Conservative Fund.

Pacis said the products they are offering are exclusively available for AIA Philippines policy holders for now, while the assets amounting to PHP155 billion they currently have will be handled purely without catering to outside investors.

Let me end this piece by asking you readers: What is your reaction to this new development? Were you able to understand the explanations from AIA Philippines investment management arm?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco/.

Over P200 million for Team Philippines’ 31st SEA Games campaign

Over P200 million for Team Philippines’ 31st SEA Games campaign

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The 31st Southeast Asian Games (AKA the 31st SEA Games, SEA Games 31 and Hanoi 2021) is just one week away from formally opening in the City of Hanoi in Vietnam. As for the Philippine sports delegation attending the region’s biggest sports event, their campaign has received a financial support of more than P200 million from the Philippine Sports Commission (PSC) and more money could be released, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld report. Some parts in boldface…

THE Philippine Sports Commission (PSC) have cough up more than P200 million to fuel the country’s ambitious campaign to defend its overall title in the Hanoi Southeast Asian Games (SEA) set on May 12 to 23.

“The PSC had already released more than P200 million and could reach P230 million to fund the country’s SEA Games participation,” a source on Monday told The STAR.

Part of the Philippines’ 987-strong delegation, which included 646 athletes, had left for Hanoi on Sunday and on Monday while the bulk of it will follow suit next week in time for the opening ceremony on May 12.

There (rest) of the delegation will arrive on May 13.

Kickboxing, which will be led by former mixed martial arts champion Honorio Banario and 2019 SEA Games gold medalist Jean Claude Saclag and Gina Iniong Arao, flew on Monday.

The national kickboxers are out to eclipse, if not duplicate, their three-gold, two-silver and one-bronze harvest in the last edition of the biennial meet.

Jomar Balangui, Renalyn Dacquiel, Carlos Alvarez, Kurt Lubrica, Daryl Chulipaz, Emmanuel Cantores, Claudine Veloso, Gretel de Paz, and Zephania Ngaya are the other members of the team.

PSC commissioner and the country’s Hanoi Games chef de mission Ramon Fernandez and Philippine Olympic Committee President Abraham Tolentino are both optimistic of the Filipinos’ chances.

Let me end this piece by asking you readers: If you are a sports enthusiast based in the Philippines, do you think that P200 million to P230 million is enough funding to help Team Philippines achieve its gold medal targets in the SEA Games there in Vietnam?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco/

COVID-19 Crisis: Muntinlupa City Government to include qualified families in villages, subdivisions affected by ECQ to ‘ayuda’ distribution

COVID-19 Crisis: Muntinlupa City Government to include qualified families in villages, subdivisions affected by ECQ to ‘ayuda’ distribution

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Following the distribution of emergency subsidy to families from priority groups who were affected by the Enhanced Community Quarantine (ECQ), the City Government of Muntinlupa announced that it will include qualified beneficiaries from local subdivisions and villages for the financial assistance program.

The Muntinlupa Social Service Department has distributed the emergency subsidy to initial beneficiaries who were members of the Social Amelioration Program, Waitlisted Individuals (SAP), and Pantawid Pamilyang Pilipino Program (4Ps) as prescribed by the Joint Memorandum Circular of DSWD, DILG, and DND to be the priority groups for the financial assistance.

Muntinlupa Public Information Officer Tez Navarro said that after the pay-out for priority groups, qualified residents who were not included in the previous list of beneficiaries, even those living or renting in villages and subdivisions, can apply for the emergency subsidy.

She clarifies that other city residents who are not beneficiaries of SAP, those who are SAP waitlisted, and 4Ps can receive the financial assistance given that they qualify the requirements from the JMC.

Navarro noted that individuals who were directly affected by the recent imposition of the ECQ need to coordinate with their respective barangays and homeowners’ associations (HOAs) to fill-up a Client Information Sheet (CIS) and submit necessary documents. The submission of CIS to the barangays was set from April 19 to 22, 2021.

The allocated budget for Muntinlupa City is P442,191,000 which covers 80% of the local population as projected by National Economic and Development Authority (NEDA).

The City Government has established a Grievance and Appeals Committee (GAC) to resolve issues and concerns from the beneficiaries. As of April 19, Muntinlupa GAC has responded to 809 inquiries sent via email and resolved 83 phone call inquiries.

Recently, Muntinlupa has requested an extension for the distribution of emergency subsidy to the DILG. Initially, local government units (LGUs) are enjoined to conduct the distribution of the emergency subsidy within 15 calendar days from release of Notice of Cash Allocation if the assistance is done in cash and within 30 days if assistance is given in kind.

Mayor Jaime Fresnedi signed an executive order for the distribution of emergency subsidy in cash amounting to P1,000 per individual with a maximum amount of P4,000 per family to target beneficiaries.

The local exec noted that the assistance will be in cash as the local government is continuously providing food packs to city residents. Muntinlupa LGU has distributed 72,900 food boxes to city residents from January 2021 to April 2021.

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The above information was provided by the City Government of Muntinlupa for the purpose of public information and transparency. Some parts were edited for this website.

Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me as well. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me at HavenorFantasy@twitter.com

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