Administration January 5, 2003

Philippines Back on CalPERS List

May 13, 2002 (PLANSPONSOR.com) - The California Public Employees Retirement System (CalPERS) will reallocate funds to investments in the Philippines, reversing a February decision to exit the market.

Reported by

Camilla Klein

After a review of the Southeast Asian market found that the Philippine stock exchange could now settle stock exchange transactions within three days of the trade date, the $150 billion pension fund’s investment committee approved a recommendation to reinstate the country into its investment universe.

According to a report from Reuters, Manila had scored poorly on the giant pension fund’s yardstick for market liquidity and market transparency, and the fund had voted to exit the market earlier in the year.

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However, the improvement in transaction settlements pushed the country back onto CalPERS’s radar screen.

At the same time that CalPERS voted to sell off some $15.7 million in Philippine equity investments, it also announced plans to exit the markets in Thailand, Indonesia, and Malaysia, citing poor corporate governance standard.