BULLISH. AIA Investment Management and Trust Corporation Philippines (AIAIM Philippines) chief executive officer Angie Pacis (3rd from left) is bullish about the continued recovery of the domestic economy due in part to the strong output of the manufacturing sector and the demographic dividends. She said Thursday (Feb. 23, 2023) these factors are expected to attract more investors into the country, which can bolster AIAIM Philippine business. (Photo by Joann Santiago-Villanueva)
MANILA -- An official of the investment management arm of AIA Philippines is optimistic on the robust growth of the domestic economy as the manufacturing sector continues to expand.
In a briefing on Thursday, AIA Investment Management and Trust Corporation Philippines (AIAIM Philippines) chief executive officer Angie Pacis said the country’s manufacturing sector is expected to continue posting expansion following the seven-month high manufacturing index in January 2023.
“Notwithstanding the slight weakening of the business confidence and consumer confidence, businesses will still be on a growth track,” she said.
The S&P Global Manufacturing Purchasing Managers Index (PMI) hit 53.5 in the first month this year. An index of 50 and above indicate expansion while those below 50 indicate contraction.
Pacis said forecasts point to continued 50-level index in the coming months.
Pacis also identified demographic dividends as among the factors that will help boost domestic growth this year given the large number of young people who are part of the workforce.
“It’s a young population, it’s a big population with a growing middle class that is actually becoming stronger. Because of that, we will continue to attract investments notwithstanding some of the structural problems,” she added.
These factors are seen to boost one-year-old AIAIM Philippine business, which currently offers three unit investment trust funds (UITFS) namely AIA Peso Adventurous Fund, AIA Peso Balanced Fund and AIA Peso Conservative Fund.
Pacis said the products they are offering are exclusively available for AIA Philippines policy holders for now, while the assets amounting to PHP155 billion they currently have will be handled purely without catering to outside investors.
“We’re not going to handle third party fund(s) right now,” she added. (PNA)
