The Board of Trustees at CFA Society Philippines has initiated a retirement fund for local society staff members to benefit the present and future lives of its employees.

In the Philippines, many companies have no formal employee retirement plans and no funding strategy, even for the government-mandated retirement law payment. Indeed, according to the 2022 Mercer CFA Institute Global Pension Index, almost a third of companies in the Philippines lack a formal retirement plan (31%), fulfilling only the minimum mandated by retirement pay law. And the Philippines' pension system was ranked second lowest in Asia and 41 out of 43 retirement systems in the 2021 Mercer CFA Institute Global Pension Index.

Retirement planning, however, is a primary objective of retail investors. In the 2022 CFA Institute Investor Trust Study, 47% of respondents indicated saving for retirement was their most important investment goal.
 
“Clearly, if this is a primary objective of retail investors and something we advocate for as a professional association, then all the more reason for our local society to secure the retirement of its own employees,” Dr. Robert Ramos, CFA, Chairman and President, CFA Society Philippines explained.

An actuarial firm was hired by CFA Society Philippines for the funding valuation and the local society is currently looking for a suitable Trustee Bank.
 
This initiative is very much welcomed by the local society staff members.