Fund manager assures stability amid looming sale

MANILA, Philippines - Philam Asset Management, Inc. (PAMI), a subsidiary of Philippine American Life Insurance Co. (Philamlife), on Tuesday assured its clients of the company's strength and stability amid a looming change of ownership. The assurance came after American Insurance Group (AIG), which holds a stake in Philamlife through American Life Insurance, said the Philippine group is part of the US-based firm's non-core assets which will be sold off. PAMI manages P22-billion worth of assets and offers various mutual fund products to local investors. Its line includes the AIG Global Bond Fund, Philam Bond Fund, Philam Managed Income Fund, GSIS Mutual Fund and the Philam Strategic Growth Fund. "All funds are public corporations with a broad base of shareholders. The funds are very stable and its investments are highly liquid, strictly complying with the objectives and restrictions stipulated in the respective Fund prospectuses and acting in accordance with the Philippine Investment Company Act," PAMI President and Chief Executive Karen M Roa said in a statement. She said PAMI funds are invested in Philippine government securities, fixed income securities, and select blue chip stocks, while the AIG global fund is placed in low-risk investment grade global fixed income securities. - GMANews.TV