Portfolio

Savings fund for overseas Filipinos

The Development Bank of the Philippines (DBP) has launched a facility to provide overseas Filipinos with a means of savings for their earnings and prepare them for retirement by doubling their money in nine years. DBP president and chief executive officer Reynaldo G. David said overseas Filipinos can invest in the facility called the Deposito ng Bayaning Pilipino with a minimum deposit of P50,000. The facility offers an attractive interest rate of 8.5 percent per annum. The fund will be invested in DBP’s various development initiatives such as the Sustainable Logistics Development Program including the Roll-on, Roll-off (Ro-Ro) Terminal System, community development projects and other infrastructure programs.

Japanese insurers eye merger

Mitsui Sumitomo Insurance Group Holdings and its two rivals are considering an integration of their operation to become Japan’s biggest non-life insurer. Mitsui Sumitomo, Japan’s second largest non-life insurance firms, is negotiating with Aioi Insurance and Nissay Dowa General Insurance on the integration. The three firms hope to reach a basic accord as early as January so they can integrate their operation under a single holding company later next year. The three are also considering a complete merger in the future as part of a joint effort to strengthen their operation to cope with the global financial crisis. If a merger goes ahead, the new group would be the nation’s largest non-life insurer with a total of ¥2.7 trillion ($30 billion) in insurance revenue, topping that of the current number one, Tokio Marine Holdings.