President Duterte’s chief economic manager has ordered the country’s two state-run pension funds to buy more stocks following a slump in equities markets here and abroad.
On Friday, Finance Secretary Carlos Dominguez III said he “instructed the Government Service Insurance System and the Social Security System to take advantage of the low stock prices as well as to support the stock market by at least doubling their daily average purchase volumes of last year.”
Dominguez chairs the Social Security Commission, the SSS’s policymaking body.
The latest data on the SSS’s website showed its investments in equities as of September last year stood at 96 billion or 18 percent of its 542-billion investment level.
In the case of the GSIS, about 20 to 25 percent of its investment portfolio was in stocks.
On Thursday, 933 billion pesos in wealth was wiped out from the stock market as investors dumped equities due to COVID-19 uncertainty.