News releases

January 23, 2017

Sun Life Foresees Continued Strength, Growth of Philippine Economy

SUN LIFE FORESEES CONTINUED STRENGTH, GROWTH OF PHILIPPINE ECONOMY

 

The Philippine economy will continue to remain strong this 2017, and could even grow by 7%, according to Sun Life of Canada (Philippines), Inc.

 

Sun Life Chief Investments Officer Michael Enriquez explained that with the increased consumer and government spending, the outlook remains fundamentally positive. “Remittances from overseas Filipino workers, the BPO industry, and the large number of Filipinos who are of working age are among the factors boosting our economy from the consumer’s end. On the other hand, the rise in government spending is bringing about more jobs and has also increased the demand for construction materials,” he said.

 

These positive developments have been offsetting the possible impact of recent events in the market, including the weakening of the Philippine Peso against the US Dollar and the drop in the Philippine Stock Exchange Index due to the shift of foreign funds to the US market.

 

Enriquez advised investors to stay the course, and even boost their investments. “With stock prices cheaper, it’s a good time to buy so they can enjoy the greater gains once the market goes up,” he said.

 

Maximize opportunities by investing in mutual funds

 

One way to take advantage of this scenario is by investing in mutual funds, such as the Sun Life Prosperity Funds managed by Sun Life Asset Management Company, Inc (SLAMCI). The Sun Life Prosperity Funds have been performing strongly amid the developments in the market. The Sun Life Prosperity Philippine Equity Fund, for instance, yielded a five-year return of 39% and a 10-year return of 119%; while Sun Life Prosperity Balanced Fund marked a 28% and 89% growth in the five and ten-year return respectively; and the Sun Life Prosperity Bond Fund lodged a 12% and 44% return for the same duration. The said figures are as of December 31, 2016.

 

“We’re delighted that our investors are reaping the rewards of their commitment to invest for the long-term, and we hope to see more Filipinos treading the same path so they too can experience financial security,” SLAMCI President Valerie Pama said.

 

SLAMCI bares 2017 plans

 

Pama said SLAMCI will pursue this vision by championing financial inclusion and further boosting its financial literacy programs to educate Filipinos about the best ways to grow their money. The company will also strengthen distribution channels to reach new markets.

“More partnerships with banks, brokers, and alternative channels will be launched, and we will also enhance our online capability including the Money for Life e-Planner,” she shared.

 

SLAMCI will also be more aggressive in promoting its programs such as Sun RISE, wherein employees can invest a minimal amount via salary deduction; and Auto-Invest, a regular investment program in cooperation with partner banks.

 

More new funds are set to be launched as well. At present, the Sun Life Prosperity Funds has seven peso-denominated funds (Money Market Fund, GS Fund, Bond Fund, Balanced Fund, Dynamic Fund, Philippine Equity Fund, and Philippine Stock Index Fund) and four dollar-denominated funds (Dollar Abundance Fund, Dollar Advantage Fund, Dollar Wellspring Fund, and World Voyager Fund).

 

“With the help of 3,200 mutual-fund licensed Sun Life financial advisors, and the support of all our partners, we trust that 2017 will be another fruitful year in helping Filipinos achieve prosperity and build a brighter future,” Pama said.