BPI Wealth, a subsidiary of the Bank of the Philippine Islands, has been awarded an additional P1 billion investment mandate by Pag-IBIG Fund (Home Development Mutual Fund), bringing its total managed fund to P2 billion.
The recent award follows a four-month bidding process, and BPI Wealth now manages 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,” BPI Wealth President and CEO Maria Theresa D. Marcial said.
The investment mandate is a pure Philippine equity portfolio, giving BPI Wealth an opportunity to seize opportunities in the equity markets as the domestic economy recovers from the pandemic.
Meanwhile, Pag-IBIG Fund’s deputy CEO for Support Services Cluster, Robert John S. Cosico, expressed confidence in BPI Wealth’s ability to help realize the organization’s vision of inclusive growth.
Pag-IBIG Fund recently reported a record-high release of P117.85 billion in home loans to finance the housing units of 105,212 members in 2022, up 21% from 2021.
BPI Wealth reported P875 billion in assets under management as of the end of 2022, making it the largest standalone trust corporation in the Philippines.