PNB launches 5-year, tax-free trust product

MANILA, Philippines - The Philippine National Bank (PNB) has introduced PNB Zenith Account, the latest addition to its wide array of trust products and services. PNB Zenith is designed to enable investors to grow their wealth to cover their retirement needs or other long-term financial objectives.

Its tax-exemption feature allows clients to maximize their earnings. Placements in Zenith Account for at least five years are exempt from the 20-percent final tax on interest income.

Aside from its non-taxability feature, PNB Zenith Account allows investors to select the specific investment outlet where their funds will be placed. Investments in PNB Zenith are put in high-grade corporate papers. With this flexibility, the account can be customized to address the clients’ risk appetite and other investment considerations.

PNB Zenith Account is ideal for individuals such as professionals, executives, OFWs and retirees with long-term investment horizon. PNB Zenith Account can be opened either as a living trust account (LTA), where the proceeds are assigned to a specific beneficiary, or as an investment management account (IMA) where the investor fully enjoys the interest proceeds and the principal investment on its maturity, net of tax. Zenith is available for a minimum investment of P1 Million, one of the lowest in the industry today.

“PNB Zenith Account was conceived by the Bank to give retail investors access to high yielding but safe and secure investments that are normally available to institutional clients,” Rogel Zenarosa, PNB Trust Banking Group officer-in-charge and senior vice president said. With the upcoming corporate bond issuances by prime corporations up to year-end 2009, prospective clients are well advised to take immediate advantage of the Zenith account.

PNB offers a full range of trust products and services for retail, corporate and institutional clients through its Trust Banking Group (TBG). TBG is also offering investors in any of its eight unit investment trust funds (UITF) reward points in the form of PAL Mabuhay Miles. Now on its second year, said promo runs up to September 2010.