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Philam Asset Management Inc. (PAMI), a fund management company, has
introduced a new retirement savings product to expand its reach to
the mass market.
In a statement, the PAMI’s new retirement
savings product called Personal Investment Program (PIP) will be
marketed to employees as investors.
With PIP, an investor can avail himself of the
scheme where one can make monthly investments according to one’s
budget.
“We established PIP because we want more
people to avail [themselves] of the benefits of mutual funds,”
Gina Goco-Morales, PAMI executive vice president, said.
PAMI expects to broaden its customer base with
PIP, which specifically offers higher returns on savings compared
with banks.
It is intended primarily for companies with
employees who may want to set aside funds for their future through a
very affordable savings scheme. For employees of company-endorsed
PIP, the minimum investment is only P1,000 over specified term
through salary deduction and the required minimum participants per
company is only 10 employees.
For individuals, the minimum investment is
P10,000.
The companies can offer PIP as an optional
savings scheme through salary deduction.
PAMI, which is Philamlife’s mutual fund arm,
said assets under its management reached a record-high of P21.9
billion last year from P19.49 billion in 2006.
-- Maricel E. Burgonio
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