Unit Investment Trust Funds (uitf)

[parbust3r]

The financial market went crazy today due to the tiering by the BSP of interest rates. So now we have low interest rates, no investment outlets and UITF Fixed Income NAVPUs shooting up like crazy. Those who stayed in may be the lucky ones when this trend continues over to the next week.

 

 

BDO peso bond fund shot up around 1% on Friday. thats the only peso UITF im in so i dont know how the other UITFs performed. :cool:

[living well]

Thank you Dr. Pepper. Much appreciated.

[living well]

Dr Pepper, another thing.

 

Most of my funds available for placement is in dollars. Because of the strength of the peso as well as the upward trend in the equities market, would you advise to convert to local currency and start placing in peso equities funds?

 

I understand the difference re UITFs and mutual funds. Why are you partial to UITFs instead of the latter? I know of two equity funds that are doing better than the best UITF of the same categoty.

 

Fund Name NAV Per Share 1 yr. Return (%) 3 yr. Return (%) 5 yr. Return (%) YTD Return (%)

 

First Metro Save and Learn Equity Fund 1.6916 64.78% n.a. n.a. 56.91%

Philequity Fund, Inc. 10.6041 48.93% 29.63% 23.55% 42.71%

 

Against:

 

 

 

iFund Large Cap Philippine Equity Portfolio

 

International Exchange Bank

 

 

A fund designed to achieve long-term capital growth by investing in a diversified portfolio of high-quality, large capitalization stocks with above-average earnings growth while maintaining a risk profile similar to the PHISIX.

 

 

Launch Date : Tuesday, March 01, 2005

 

Fund Type : Peso Equity Fund Currency : Philippine Peso

Management Fee : 2 % p.a. Minimum Participation : 100,000

Early Redemption Fee : 0.25% flat on redeemed amount or PHP 500, whichever is higher Min. Additional Participation : 0

Other Fees : NONE Min. Holding Period : 90 days

[living well]

sorry info got cut...

 

Net Asset Value Per Unit (NAVpU) : 149.902806 As of : Thursday, November 02, 2006

ROI % (Year-on-Year) : 44.2094 ROI % (Year-to-Date) : 39.4009

[Dr_PepPeR]

Dr Pepper, another thing.

 

Most of my funds available for placement is in dollars. Because of the strength of the peso as well as the upward trend in the equities market, would you advise to convert to local currency and start placing in peso equities funds?

 

I understand the difference re UITFs and mutual funds. Why are you partial to UITFs instead of the latter? I know of two equity funds that are doing better than the best UITF of the same categoty.

 

Fund Name NAV Per Share 1 yr. Return (%) 3 yr. Return (%) 5 yr. Return (%) YTD Return (%)

 

First Metro Save and Learn Equity Fund 1.6916 64.78% n.a. n.a. 56.91%

Philequity Fund, Inc. 10.6041 48.93% 29.63% 23.55% 42.71%

 

Against:

 

 

 

iFund Large Cap Philippine Equity Portfolio

 

International Exchange Bank

 

 

A fund designed to achieve long-term capital growth by investing in a diversified portfolio of high-quality, large capitalization stocks with above-average earnings growth while maintaining a risk profile similar to the PHISIX.

 

 

Launch Date : Tuesday, March 01, 2005

 

Fund Type : Peso Equity Fund Currency : Philippine Peso

Management Fee : 2 % p.a. Minimum Participation : 100,000

Early Redemption Fee : 0.25% flat on redeemed amount or PHP 500, whichever is higher Min. Additional Participation : 0

Other Fees : NONE Min. Holding Period : 90 days

 

 

sorry info got cut...

 

Net Asset Value Per Unit (NAVpU) : 149.902806 As of : Thursday, November 02, 2006

ROI % (Year-on-Year) : 44.2094 ROI % (Year-to-Date) : 39.4009

 

Unfortunately I don't think I'm qualified to answer this without more data. The International Exchange Bank UITF appears to be a more conservative equity fund. It says that it follows the Phisix risk profile, which means the stocks it invests in are similar to those comprising the Phisix index, a mixture of agri, banking, industrial, commercial, utilities, telecom, real estate, mining etc. and all blue chip. No such data for the First Metro and Philequity Funds. The things you should look at are the asset compositon of the fund, like what is the limit for the equities? What is the criteria for selection of the equities? Is it aggressive or conservative? Again, look at the particular stocks in the portfollio and the percentage compared to the total equity holdings. It might be a case of comparing apples and oranges. Just remember there is still one golden rule in investing. The greater the risks, the greater the potiential earnings (and the greater the potential loss too).

 

In short, without mincing words, I don't know.

Edited November 4, 2006 by Dr_PepPeR

[living well]

Unfortunately I don't think I'm qualified to answer this without more data. The International Exchange Bank UITF appears to be a more conservative equity fund. It says that it follows the Phisix risk profile, which means the stocks it invests in are similar to those comprising the Phisix index, a mixture of agri, banking, industrial, commercial, utilities, telecom, real estate, mining etc. and all blue chip. No such data for the First Metro and Philequity Funds. The things you should look at are the asset compositon of the fund, like what is the limit for the equities? What is the criteria for selection of the equities? Is it aggressive or conservative? Again, look at the particular stocks in the portfollio and the percentage compared to the total equity holdings. It might be a case of comparing apples and oranges. Just remember there is still one golden rule in investing. The greater the risks, the greater the potiential earnings (and the greater the potential loss too).

 

In short, without mincing words, I don't know.

 

Dr. Pepper,

 

Once again, your response is much appreciated.

 

You stated that IEB Equity UITF appears to be conservative, it following the Phisix risk profile. With a perforamance like that, isn't it suppose to be good? I was quite impressed, considering that they are not a "major" bank, its fund managers must be doing their job well!

 

Your last comment amused me I am quite certain you would have the answer, with more data as you've indicated. If you are up to it, here is what I have re First Metro http://www.fami.com.ph/images/salef_nav.pdf; Link to Philequity is not live so I can't get anything substantial aside from their historical performance. Reveiwing the prospectus of First Metro, I don't think the details regarding data you mentioned which should be looked into, is indicated. I am almost sure they are investing in more or less the same stocks, the difference boils down to management. Going back to my original question, why your preferrence to UITF over mutual funds? Aside from the fact that you think BSP has sharper teeth than SEC.

 

Could you please comment regarding converting dollars to pesos at this time for equities placement. Yield of the option of just puting it to ING $ UITF pales in comparison. An optimist, I would like to hope that the phisix will continue to rally until it breaches the 3,000 benchmark!

[Dr_PepPeR]

Dr. Pepper,

 

Once again, your response is much appreciated.

 

You stated that IEB Equity UITF appears to be conservative, it following the Phisix risk profile. With a perforamance like that, isn't it suppose to be good? I was quite impressed, considering that they are not a "major" bank, its fund managers must be doing their job well!

 

Your last comment amused me I am quite certain you would have the answer, with more data as you've indicated. If you are up to it, here is what I have re First Metro http://www.fami.com.ph/images/salef_nav.pdf; Link to Philequity is not live so I can't get anything substantial aside from their historical performance. Reveiwing the prospectus of First Metro, I don't think the details regarding data you mentioned which should be looked into, is indicated. I am almost sure they are investing in more or less the same stocks, the difference boils down to management. Going back to my original question, why your preferrence to UITF over mutual funds? Aside from the fact that you think BSP has sharper teeth than SEC.

 

Could you please comment regarding converting dollars to pesos at this time for equities placement. Yield of the option of just puting it to ING $ UITF pales in comparison. An optimist, I would like to hope that the phisix will continue to rally until it breaches the 3,000 benchmark!

 

 

Yes, the performance of the IEB Equity Fund is good. But it should be doing good considering what the stock market is like now. With respect to the major/minor bank thing, expect the major banks to be more conservative. Major banks have more control mechanisms, decision making may be more complicated, and they tend to avoid taking losses rather than making quick gains. A small bank will tend to make decisions quickly and execute them just as quickly because there are less layers of bureaucracy to go through. And again, they have less to lose in terms of reputation and clients.

 

I will have to ask my equities expert on the difference in performance. Two fund managers may have exactly the same portfolio of stocks, but if one trades more actively and calls it right most of the time, then it would tend to perform better than the other which will simply sit on its blue chips and let the index dictate its performance.

 

Aside from the BSP supervision of UITFs, the latter has no additional costs for the bank. In a mutual fund structure, a mutual fund company has to be set up, board of directors appointed, a fund manager has to be appoointed and paid for, agents must be given commissions and marketing expenses will be incurred. A bank already has an existing portfolio/accounting/administration system in place, distribution is done through its branches, and no other costs. So less expensive for the investor. Lots of mutual funds let the bank's trust departments manage their funds too. And the banks, particularly the major ones, are always concerned with reputational risk. If they mismanage the UITF, it will hit not only the UITF subscribers but also the trust clients and its depositors, borrowers and investors. So they are more careful with the management of the UITF. That's all I can think of at the moment.

 

As to switching currencies, well, barring an increase in crude oil prices and negative political events, the peso will remain in a strong position over the dollar. Traditionally, it is the season for the OFWs to remit dollars so I would say the peso will still remain strong until the 1st quarter of next year. If you think that you would earn more by converting to pesos, yes, might be a good time, just leave a hedge for safety. Just remember that converting back to US$ later might be difficult too.

Edited November 7, 2006 by Dr_PepPeR

[living well]

Please, let us know what your equities expert says.

 

Dr. Pepper, thanks as always

 

All the best!

[Dr_PepPeR]

Please, let us know what your equities expert says.

 

Dr. Pepper, thanks as always

 

All the best!

 

My equities expert says that Mutual Funds, with less regulatory concerns, are more aggressive when it comes to trading stocks. While UITFs will tend to be more conservative by only investing in the blue chips, the mutual funds go for the second and even third liners. Thus, they can and usually outperform the UITF Equity Funds. Just remember the maxim (sorry for sounding lika a broken record) the higher the risk, the higher the potential gain.

 

With respect to a small bank equity UITF outperforming a big bank equity UITF, this is normally the case. A P20 Billion Fund has to program its selling/buying over a period of time so as not to affect the stock prices unduly when buying a certian stock. Not the case when you simply have a P100 Million Fund where you can use the whole fund to buy just one or two stocks and still not affect the market price. You may liken it to the turning radius of an ocean liner versus a banca. It is easier for the banca to outturn the ocean liner due to the size difference.

[living well]

My equities expert says that Mutual Funds, with less regulatory concerns, are more aggressive when it comes to trading stocks. While UITFs will tend to be more conservative by only investing in the blue chips, the mutual funds go for the second and even third liners. Thus, they can and usually outperform the UITF Equity Funds. Just remember the maxim (sorry for sounding lika a broken record) the higher the risk, the higher the potential gain.

 

With respect to a small bank equity UITF outperforming a big bank equity UITF, this is normally the case. A P20 Billion Fund has to program its selling/buying over a period of time so as not to affect the stock prices unduly when buying a certian stock. Not the case when you simply have a P100 Million Fund where you can use the whole fund to buy just one or two stocks and still not affect the market price. You may liken it to the turning radius of an ocean liner versus a banca. It is easier for the banca to outturn the ocean liner due to the size difference.

 

 

Thank you... and please thank your equities expert as well.

 

With your advise, I hope to continue, as I am logged in ....living well

[mr.bukol]

nahilo ako ? na read ko 1st page hanggang 8page

 

gusto ko sana mag invest , sa bank ba ko pupunta para mag inquire?

thanks

[Dr_PepPeR]

nahilo ako ? na read ko 1st page hanggang 8page

 

gusto ko sana mag invest , sa bank ba ko pupunta para mag inquire?

thanks

 

It depends. First you find out what you want to achieve. Savings? For retirement? To buy something? Then how much can you invest. How long before you need to use the funds if at all? How familiar are you with the investment schemes and products? When you can give an indication to those questions, then I can offer a suggestion. Otherwise, it doesn't hurt to talk to your bank too.

[Dr_PepPeR]

Thank you... and please thank your equities expert as well.

 

With your advise, I hope to continue, as I am logged in ....living well

 

Hope it was of some help. Good luck!

[mr.bukol]

It depends. First you find out what you want to achieve. Savings? For retirement? To buy something? Then how much can you invest. How long before you need to use the funds if at all? How familiar are you with the investment schemes and products? When you can give an indication to those questions, then I can offer a suggestion. Otherwise, it doesn't hurt to talk to your bank too.

 

 

thanks dr. pepper sa reply

 

 

i can invest 500k to 1m,savings ko to binili ko ng u.s dollars dati unti unti hanggang umabot ng 20k us dollars , now gusto ko muna magtry ng ibang investment, ist it better to invest in uitf? ano to parang time deposit na walang fixed interest rate ?

Edited November 10, 2006 by mr.bukol

[Dr_PepPeR]

thanks dr. pepper sa reply

i can invest 500k to 1m,savings ko to binili ko ng u.s dollars dati unti unti hanggang umabot ng 20k us dollars , now gusto ko muna magtry ng ibang investment, ist it better to invest in uitf? ano to parang time deposit na walang fixed interest rate ?

 

A PRIMER ON... UNIT INVESTMENT TRUST FUNDS

 

Q: What is a Unit Investment Trust Fund (UITF)?

A: UITF is a pooled investment fund that commingles the monies of investors into a single dynamic portfolio of investments and made available by units of participation. The units of participation will be based on the price of the fund on date of purchase. The UITF was created by the issuance of BSP Circular 447 to align the management of pooled investment funds with global standards.

 

Q: How is the price of the fund computed?

A: The price of the fund is the Net Asset Value Per Unit (NAVPU). The NAVPU is equal to Net Asset Value (NAV) divided by the outstanding units of participation in the fund.

 

Q: What is Net Asset Value (NAV)?

A: NAV is the total market value of the financial instruments of the fund less expenses such as taxes, fees and other qualified operating expenses.

 

Q: Why is market price used for valuing the financial instruments of the fund?

A: UITF employs global standards by using a mark-to-market (MTM) valuation method for all financial instruments of the fund. This means instruments are valued daily against end of day market prices. It provides equitable treatment to investors coming in and out of the fund because it offers a fair price for the purchase and redemption of units of participation.

 

Q: Is investing in UITFs safe?

A: Yes. Investments will be limited to high-grade and highly-liquid instruments such as time deposits government securities. However, because of the valuation method used, an investor may be exposed to price risk when he redeems, if interest rates are volatile. Client can defer redemption until market conditions become more favorable. It should be noted that exposure to price risk in UITFs is the same as in other long-term investments.

 

Q: What are the benefits of participating in UITFs?

A: A: Investors can enjoy several benefits:

 

Ability to participate in high-yielding long-term financial instruments in the fund but will not necessarily lock up client's money.

 

With a minimum required contribution, participants can enjoy a wide selection of financial instruments and thus minimizing risks. Clients have the opportunity to access different instruments not normally available to retail investors.

 

Opportunity for higher returns due to possible capital gains on top of accrued income.

 

Pool of funds can reduce transactional costs bringing potential savings.

 

Q: What are the other global standards used by the UITF?

A: An accredited BSP 3rd party custodian will safekeep the securities of the fund while an independent auditor acceptable to the BSP will audit each UITF annually.

 

Q: How will an investor know where the fund is invested?

A: A list of prospective and outstanding financial instruments of the fund will be made available at the Head Office of Asiatrust Bank.

 

Q: How can an investor compare the performance of their trustee bank versus others?

A: At least once a week, all trustee banks will publish in major dailies, the performance of the fund, which include the latest NAVPU and the Return on Investment.

 

Q: Why cannot an indicative rate be quoted?

A: Indicative rates cannot be quoted because of the valuation method used.

 

Q: What will an investor receive to evidence his participation?

A: An investor will be receiving a Confirmation of Participation that indicates the name of investor, value date, NAVPU, currency amount of investment and the number of units pruchased.

 

Q: What is an ideal minimum investment horizon for UITF?

A: We are encouraging a minimum investment horizon of at least one (1) year because the fund has opportunities for higher returns due to possible capital gains on top of accrued income.

 

Q: When can an investor withdraw his investment?

A: Investors may withdraw after the minimum holding period of the UITF has been met. The investor can still redeem his investment even before the required minimum holding period but subject to an exit fee.

 

Q: Why is there a need to impose an exit fee?

A: The exit fee will be used to defray the processing cost of the client's pretermination in the fund.

 

You may post here or PM me for any questions. Thanks for looking.

Edited November 10, 2006 by Dr_PepPeR

[mr.bukol]

thanks

 

DR.PEPPER

[Dr_PepPeR]

thanks

 

DR.PEPPER

 

If you have specific questions, please feel free to ask. Have a nice day sir.

[URRABI]

**************** WARNING ******************

I am by no means an expert nor do I play one on TV

************* END OF WARNING ***************

 

my take on the UITF vs mutual funds issue, based on my research...

 

Mutual funds:

1. managed by an investment company

2. stricter regulations

* governed by Investment Company Act of the Philippines

* regulated by the SEC; investment companies are required to submit regular reports to the SEC

* mutual funds professionals need to be licensed

 

UITF:

1. managed by the bank

2. less regulations

* no specific provisions governing UITFs

* banks are not required to submit regular reports

* bank personell selling UITFs are not required to be licensed

 

to doc, and others more knowledgeable than I...would you say the points above are accurate?

 

thanks.

urrabi

[pogi1119]

Interest rates are presently at an all time low. This means Money Market and Bonds UITFs may be steadily slow going up even if they are Mark to Market

 

Thus you may want to consider Mixed Funds UITF's. 50-50 up to 70-30 mix of Fixed Income and Blue Chips Stocks, depending on the bank. IF you have been monitoring the stock market, particularly the index (which is affected by the Blue Chips) then you will be quite comfortable with this. If you are not the stock market type or have limited knowledge, suggest you first ask people who do.

 

The reward potential is great here but you must also know how to manage your risk: Meaning knowing when to come in, how long to stay, when to get out, and how long to wait before going in. This is kinda like playing stocks but on a very general level as you are consdiering the average of the Blue Chips and lest you forget, the the Fixed Income funds which actually comprise the majority of the said Balanced Funds.

 

Lastly considering the PSE Index's "very interesting" movements for the past weeks, you may want to consider investing in the Index Funds, which only a few banks offer. Here you are considering the index fund's movements ONLY.

[Talley]

**************** WARNING ******************

I am by no means an expert nor do I play one on TV

************* END OF WARNING ***************

 

my take on the UITF vs mutual funds issue, based on my research...

 

Mutual funds:

1. managed by an investment company

2. stricter regulations

* governed by Investment Company Act of the Philippines

* regulated by the SEC; investment companies are required to submit regular reports to the SEC

* mutual funds professionals need to be licensed

 

UITF:

1. managed by the bank

2. less regulations

* no specific provisions governing UITFs

* banks are not required to submit regular reports

* bank personell selling UITFs are not required to be licensed

 

to doc, and others more knowledgeable than I...would you say the points above are accurate?

 

thanks.

urrabi

 

Good day Urrabi,

 

(Brief intro : As a realtor, stockbroker and registered financial planner, I create financial plans for individuals. Consequently, I deal in/with stocks, UITF's, mutual funds, pre-need plans and practically every financial product available locally. I also write a column for a local business paper on how people can invest their money.)

 

For the most part, you understood correctly. However, I must point out that the part about who is stricter or better regulated will definitely be open to debate. The main knock versus the SEC is that it is quite slow to act plus a lot of politics goes into the selection of the commissioners. As for the BSP, the main criticism is that it protects banks more than the individual depositor since most BSP officers are former bankers themselves and thereby hesitant to drop the hammer on their compadres.

 

As for the two products, the Philippines is practically the only country that treats them differently. This is because both products are what we term as "pooled funds" and operate pretty much the same way. Some differences though are the following:

 

First, mutual funds usually charge a sales load. By this I mean that they will charge the investor a certain percentage either when the initial deposit is made or when the funds are withdrawn.

Second, mutual funds do not usually have a lock-in period. You can add / subtract funds pretty much whenever you like. However, as I mentioned, there is a fee for either every deposit or withdrawl. (In some cases both.) Quite a number of UITF's have minimum holding periods.

Third, mutual funds can be availed of for as low as 5,000 to 10,000 pesos. I am not sure about UITF's but the ones I've dealt with usually have minimums of 50,000 pesos up.

Fourth, performance wise, they pretty much approximate each other. However, I believe that in recent years, mutual funds as a whole have performed slightly better than UITF's. Not by a big amount, but enough for those people who count every cent.

Fifth, people who sell mutual funds require a license while UITF's do not. What this means is that if you believe that a mutual fund agent misrepresented the product to you, you have the legal recourse of going after the person's license. By the way, that license has to be renewed annually. As was seen by what happened earlier this year, people who felt that agents misrepresented UITF's to them had no legal recourse as the BSP essentially said that it was their fault for not reading the fine print.

Bottom line : Neither product is inherently better than the other. It all boils down to two things : The skill of the management team running the particualr fund and what your financial goals / objectives are.

[Dr_PepPeR]

Good day Urrabi,

 

(Brief intro : As a realtor, stockbroker and registered financial planner, I create financial plans for individuals. Consequently, I deal in/with stocks, UITF's, mutual funds, pre-need plans and practically every financial product available locally. I also write a column for a local business paper on how people can invest their money.)

 

For the most part, you understood correctly. However, I must point out that the part about who is stricter or better regulated will definitely be open to debate. The main knock versus the SEC is that it is quite slow to act plus a lot of politics goes into the selection of the commissioners. As for the BSP, the main criticism is that it protects banks more than the individual depositor since most BSP officers are former bankers themselves and thereby hesitant to drop the hammer on their compadres.

 

As for the two products, the Philippines is practically the only country that treats them differently. This is because both products are what we term as "pooled funds" and operate pretty much the same way. Some differences though are the following:

 

First, mutual funds usually charge a sales load. By this I mean that they will charge the investor a certain percentage either when the initial deposit is made or when the funds are withdrawn.

Second, mutual funds do not usually have a lock-in period. You can add / subtract funds pretty much whenever you like. However, as I mentioned, there is a fee for either every deposit or withdrawl. (In some cases both.) Quite a number of UITF's have minimum holding periods.

Third, mutual funds can be availed of for as low as 5,000 to 10,000 pesos. I am not sure about UITF's but the ones I've dealt with usually have minimums of 50,000 pesos up.

Fourth, performance wise, they pretty much approximate each other. However, I believe that in recent years, mutual funds as a whole have performed slightly better than UITF's. Not by a big amount, but enough for those people who count every cent.

Fifth, people who sell mutual funds require a license while UITF's do not. What this means is that if you believe that a mutual fund agent misrepresented the product to you, you have the legal recourse of going after the person's license. By the way, that license has to be renewed annually. As was seen by what happened earlier this year, people who felt that agents misrepresented UITF's to them had no legal recourse as the BSP essentially said that it was their fault for not reading the fine print.

Bottom line : Neither product is inherently better than the other. It all boils down to two things : The skill of the management team running the particualr fund and what your financial goals / objectives are.

 

Just to add a few things to an excellent reply by Talley:

 

1. The sales load of mutual funds answer for the agent's commissions, advertising, and other expenses of the mutual fund company. For banks, there is no need for this since the bank's own infrastructure is used and no commissions are required.

 

2. There are UITFs that have a minimum of P1,500 initial investment, although the retail UITFs can start at P5K - 10K.

 

3. Different mutual funds perform differently, same with UITFs so this could be a toss up.

 

4. UITF marketing people are also required to take a certification exam by the BSP. If you have been a victim of misrepresentation, you can always report this to the Bank or to the BSP if you wish.

 

5. As to regulatory differences, the BSP may be stricter. They send examiners to each bank every year and they now have formed a special unit just to look into the trust department (which handles the UITFs) of the banks.

[URRABI]

to mr talley and mr dr_pepper (mister na, doctor pa)

 

thanks for the enlightenment. much appreciated.

 

another question...are mutual funds also valued using mark-to-market?

 

thanks.

urrabi

[Dr_PepPeR]

to mr talley and mr dr_pepper (mister na, doctor pa)

 

thanks for the enlightenment. much appreciated.

 

another question...are mutual funds also valued using mark-to-market?

 

thanks.

urrabi

 

Glad to be of some help sir. As far as I know mutual funds are now mark-to-market, almost a year after the BSP required this from the UITFs.

[URRABI]

i see...

 

thanks, doc!

[D. Sanchez]

It depends. First you find out what you want to achieve. Savings? For retirement? To buy something? Then how much can you invest. How long before you need to use the funds if at all? How familiar are you with the investment schemes and products? When you can give an indication to those questions, then I can offer a suggestion. Otherwise, it doesn't hurt to talk to your bank too.

 

 

Hi Doc Pepper,

 

 

Good Day!

 

I was wondering if oyu can help with my investment scheme on which ones are safer like UITF, Mutual bonds etc etc..I was watching a TV ad stocks on PSE awhile ago at Glorietta Makati. Just felt fascinated with STOCK TRADING too.

 

UITFs - about I was eavesdropping in one conversation b/w a the bank manager and some of his ex-OFW clients about it, He was diverting his client of not investing in this UITFs because they have too many disadvantages too.

 

I already put the little saving on buying a 2 condo studio units in U-belt which far a sound investment in real estate.