Posted on 09:26 PM, July 18, 2010 [ BusinessWorld Online ]
STATE-RUN Home Development Mutual Fund, more commonly known as the Pag-IBIG Fund, is planning to issue P3 billion worth of retail bonds next year, eyeing overseas Filipino workers (OFWs) as primary investors.
In a telephone interview on Friday, Emma Linda B. Faria, Pag-IBIG deputy chief executive officer for support services, said the agency is looking at offering five-year retail bonds next year due to the demand of OFWs for a product that would allow them to save and yet contribute to the fund.
“The OFWs said that instead of saving on a monthly basis, they can do so on a one-time basis with Pag-IBIG. They can get the return on their savings and at the same time, participate in the country’s housing program,” she said.
Ms. Faria said the details have not yet been finalized, but a requirement being looked at is a minimum investment of P10,000 for the retail bonds.
Other Pag-IBIG members, not just OFWs, may also buy the bonds.
And as a special feature to the retail bonds, Pag-IBIG may hold a raffle, with a house and lot package worth P1 million at stake. -- L. D. Desiderio
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