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The state-run Social Security System's CEO believes there is too much political interference in the Philippines pension fund industry, which is adversely affecting its funding and viability.
Fund managers are pushing for Rodrigo Duterte's new government to set up a defined contribution scheme, but others are not convinced about such a move.
The $10 billion Social Security System has been planning to award portfolios to external fund houses for the first time, but must wait for a new chief to be named before it can proceed.
Mike Ferrer, managing director of ATR Kim Eng Asset Management, wants to put defined-benefit scheme reform on President Rodrigo Duterte’s agenda.
The $7 billion Social Security System is posting strong returns on its portfolio and is also mulling Reits and infrastructure assets, but has no plans to invest offshore as yet.