ING Investment Management has just launched an Asian bond fund for the Philippine market that is being distributed by Metrobank. This marks the first domestic retail investment product that is mainly exposed to non-Philippine risks, says Michael Ferrer, regional general manager at ING in Hong Kong.
Until recently, regulation concerning offshore investments was fuzzy and the regulator, Bangko Sentral ng Pilipinas, was said to be uneasy about offshoring capital. But late last year the government passed new rules to make the investment management business more transparent. It allowed banks' trust divisions to established pooled funds unit investment trust funds and in the process gave providers the green light for international products....
