The mutual fund will have an authorized capital of P400 million, said Isfani Daba, chairperson of the First Community Cooperative (Fico), which will have a 45-percent stake in the fund.

The other cooperatives investing in the mutual fund are Amkor Technology Philippines Employees Cooperative, Peace and Equity Foundation, Coop Life Insurance and Mutual Benefit Services, Cebu CFI Multi-Purpose Cooperative, Novaliches Development Cooperative, San Dionisio Credit Cooperative and the United Sugar Cane Planters of Davao.

Although local financial markets are in the doldrums, Daba said the mutual fund offered a good opportunity for cooperatives to participate in a fund that could pick up securities at bargain prices.

The minimum investment in the cooperative mutual fund has been set at P100,000.

Roa said the new mutual fund will be a balanced fund or invested in a combination of stocks and bonds.

“Many people still view investing as the province of financially well-off individuals. Nothing could be farther from the truth—individuals, both the high net-worth and the regular Juan dela Cruz, must be able to maximize opportunities in the financial markets, and mutual funds certainly assist in leveling the playing field for all client types,” said Jose Cuisia Jr., president of PAMI’s parent company, Philippine American Life and General Insurance Co. (Philamlife).

Through its partnership with the National Cooperative Movement, Cuisia said the Philam group would like to encourage larger investments in mutual funds.

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