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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Philippines: DOF sends query to GFIs

Posted on 13 October 2008

From Businessmirror.com.ph: The Department of Finance is very much interested in where government financial institutions, including pension funds GSIS and SSS, invest money abroad and has directed their heads to promptly update the department about these, Finance Secretary Margarito Teves said.

The interest is so keen he formally wrote a letter addressed to GSIS president and general manager Winston Garcia and to SSS chief Romulo Neri, copy furnished President Arroyo, asking the state-owned pension firms to disclose where their monies are invested. Similar letters were sent to the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP), among others. GSIS has put out ads with that information….. Full Article: Source


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