- May 1, 2009
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fiji National Provident Fund will continue to review its investment portfolio to ensure that smart strategies are implemented to cushion the effect of the global financial crisis.
Chief Executive Officer Mr Aisake Taito said while the overall impact of the crisis will be minimal; the Fund envisages that its investment in the tourism sector may be affected.
“The bulk of the Fund’s investments are in cash and fixed interest investments, predominantly Fijian government securities, therefore, the impact is negligible,” Mr Taito said.
“FNPF substantially reduced its international equities investments in 2006 such that it now represents less than 0.5% of our investment portfolio.”
Mr Taito said FNPF’s domestic share portfolio mostly comprises blue chip stocks and the Fund is confident the prices of these will continue to stabilize to reflect their underlying value.
“The Fund has a sound property portfolio of office blocks and other commercial properties, principally in Suva. However it has invested in hotels/resorts and like any other investor in this important Fijian industry sector; we are not exempt from the impacts of the global financial crisis. This will hit everyone.
“Specifically for the hotels, relevant hotel management have been tasked the responsibility of having their own strategies in place as there are different target markets for each hotel.”
The Fund’s total investment portfolio currently stands at $3.4billion.
Mr Taito added that the Fund’s Board, Management and staff were committed to their custodian role and fiduciary responsibility in ensuring that members’ funds are secure.
For more information:
Please contact Wainikiti Bogidrau on3238-459 or 9999-104.