State pension fund Government Service Insurance System (GSIS) is raising its offshore portfolio to P58.3 billion as it looks for opportunities overseas.
GSIS president and general manager Jesus Clint Aranas said that he has authorized the allocation of nearly $300 million in the infrastructure-focused the Asia Infrastructure Fund (AIF). He said that GSIS’s portfolio in the AIF cushioned the decline of the fund’s assets due to the slump of the local stock market.
Aranas said, “Our investments right now are in local securities, bonds, different areas… We have adopted the multi-asset strategy which is the global trend, which is you do not put your eggs locally all the time.”
GSIS senior vide president for financial management group Gracita Gilda Bocanegra, said the Macquarie AIF is invested in infrastructure assets in Asia, which covers Japan, Korea, China, Australia and India.
Bocanegra said the investment amount is GSIS’ commitment along with other foreign investors to the $3-billion Macquarie Asia Infrastructure Fund (MAIF).