Macquarie Group Limited : Philippines Sets Up PHP25 Billion Infrastructure Investment Fund - President
05/28/2012| 04:46am US/Eastern
Philippine President Benigno Aquino on Monday announced the creation of a PHP25 billion ($573.4 million) fund to support infrastructure projects in the country.
Aquino said the so-called Philippine Investment Alliance for Infrastructure will be primarily funded by state pension fund Government Service Insurance System, or GSIS, and will likely be launched in July.
He said the infrastructure projects should help boost economic growth and create more jobs.
GSIS President and General Manager Robert Vergara said in a statement that the pension fund's participation as "lead investor" in the infrastructure fund "will serve to enhance the returns on our investments for the greater benefit of our members and pensioners."
He said the infrastructure fund will be managed by Macquarie Infrastructure and Real Assets, a division of Macquarie Group Ltd. (MQG.AU). He said the fund has a 10-year investment horizon.
-By Cris Larano, Dow Jones Newswires; 632-848-5051; firstname.lastname@example.org