Fund Performance
The Premium Growth Fund (PGF) ended the fourth quarter
of 2007 with a Net Asset Value Per Unit (NAVPU)
of P1,666.917. The fund’s fourth quarter yield of
5.983% was 1.947% higher than the fourth quarter
average 91-day T-Bill rate of 4.036%. The fund’s
year-to-date (YTD) yield of 6.282% was 2.172% higher
than the YTD average 91-day TBill rate of 4.110%.
The PGF thus outperformed its benchmark in the fourth
quarter of 2007 as it did in the third quarter.
Moreover, the PGF's yields have tax privileges premised
on the length of invested term while yields on TBills
are subject to 20% tax. |
Portfolio Mix
| In the fourth quarter
of 2007, investments in government securities, promissory
notes and commercial papers made up 47.4%, 9.4%
and 12.3% of the portfolio. In the previous quarter,
investments in government securities, promissory
notes and commercial papers made up 37.6%, 24.1%
and 10% of the portfolio. Placements in special
savings accounts, time deposits and BSP reserve
requirements increased to 31% by end-2007 from 28.3%
in the previous quarter. |
|
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Value of your Investment
To obtain the market
value of your investment as of December 31, 2007,
simply multiply the number of units as shown in
your Certificate of Participation by the net asset
value per unit of P1,666.917. If you redeem your
investment, the appropriate tax rate, as shown in
the table below, will be applied retroactively to
all interest earned.
Based on BIR Ruling No. 063-2000 DA-413-2000, your
investment in the PGF is qualified for tax privileges
under RA 8424 as shown below.
|
Term |
Tax
Rate |
|
Below 3 Years |
20%
|
|
3 to < 4 Years |
12% |
|
4 to < 5 Years |
5%
|
|
5 years and longe |
0% |
Trust Fee is 0.75% p.a.
You may request BDO-Trust Banking Group for a report
that consolidates your multiple placements in the
PGF. |
|
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