Bautista said Sun Life Insurance Co. and Philippine America Life and General Assurance Co. had asked the SEC if they could introduce to the local market Philippine-registered mutual funds that would invest in US and global equities. Sun Life earlier announced a plan to create a Philippine-registered mutual fund that would invest in securities abroad. In a letter, Sun Life Asset Management president Rolando Robles told SEC Chair Lilia Bautista that the Philippine-registered mutual fund would invest abroad through funds managed by Sun Life. Robles also asked the SEC to exempt from its 10-percent investment limit rule Sun Life Asset Management s mutual fund considering the underlying assets of the funds to be invested in were already fully diversified.
Diversification is a key feature of the mutual funds managed by our international affiliates.
They diversify investments considerably on a per tuna basis. Robles assured Bautista that Sun Life Asset Management would pursue measures or steps to support the commission s efforts to protect consumers and investors. He said in developing its foreign funds, Sun Life Asset Management would deal only with its affiliates and ensure that the funds would not be used for speculation.