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For Inquiries:
You can send an E-mail to philamlife@aia.com or call 528-2000 from 8:00 am to 5:00 pm on regular business days.
Philam Life has continued to work towards educating Filipinos on the importance of financial planning, savings and investments as a venue to improving their way of life.
PHILAM LIFE DOLLAR BOND FUND
Eligible Investments
- securities listed on or admitted to trading in a securities exchange located in the Philippines;
- Eurobonds or other evidences of debt of the government of the Philippines, or its political subdivisions authorized by law to issue bonds, or of government-owned or controlled corporations and entities, including the Central Bank, or of Philippine corporate issuers
- new bond or debt issues which may reasonably be expected to be listed on a securities exchange
- US Treasuries
- money market instruments
- bank deposits
- cash
- other investments as may be approved by the Insurance Commission
Security Selection
We do not intend to take currency risks. Thus, any investments in non-USD-denominated investments will be hedged via the use of cross currency and interest rate swaps and foreign exchange forward contracts, among others.
Management of the Fund is therefore firstly credit-driven while interest rate risks are managed on a long-term trend basis. Portfolio duration will be modified only if there is a fundamental shift in outlook of medium- and long-term interest rate trends.
Sell decisions can be triggered by portfolio duration adjustment, yield curve management and security selection. Portfolio duration adjustment and yield curve management are achieved through the purchases and sales of ROP Eurobonds which are more liquid than Philippine corporate Eurobonds (under certain conditions, adjustments of portfolio duration may be more efficiently achieved through interest rate swaps). The sale of corporate Eurobonds will depend on security selection. To determine whether a corporate Eurobond is overvalued or undervalued, an assessment of the security's current yield and spread relative to the underlying fundamentals and outlook is done, as well as relative value in comparison with peer group. Factors which may cause us to sell a corporate Eurobond include a deterioration in the outlook of the underlying fundamentals, or if its price/spread has moved beyond the levels justifiable by fundamentals.
Under normal circumstances, cash is the residual of the fixed income process. However, active decisions to raise cash as part of the fixed income process can be used when deemed necessary.
There are operational checks to ensure that regulatory guidelines are adhered to and that fund constraints are not breached.
Fund Restrictions
All investments of the Fund will be in accordance with the Insurance Code/Commission guidelines.