Bank of the Philippine Islands Wealth was chosen by the Social Security System to manage its investment portfolio worth P2.5 billion.

The BPI’s asset management arm disclosed Monday it was a result of a four-month bidding by the government agency.

“We are honored to be chosen by SSS as one of the partners in managing their investment portfolio,” Maria Theresa D. Marcial, president and chief executive officer of BPI Wealth, said.

Strong capability

She said the partnership affirms BPI’s strong capability to grow funds amid global economic uncertainties.

“Amid the most challenging markets in recent years, this new mandate proves that despite market volatility, we have delivered on our commitment to achieve target returns, provide superior service, and offer expert advice.”

Marcial had said BPI Wealth’s assets under management amounted to P950 billion as of the end of March, which was 8.6 percent higher than the level at end of 2022.

She expects this figure to reach P1 trillion by the end of this year.