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Philam Offers New Retirement Savings Scheme

By Brooke Perrone

July 31, 2008

Fund management firm Philam Asset Management Inc. (PAMI), a division of American International Group, is now offering investors a Personal Investment Program (PIP), aimed at offering investors an affordable savings plan for their future.

 

Under PIP, investors create their own plans and own monthly investments based on their budgets. For employees within PIP-endorsed companies, the minimum initial investment is $1,000, with a minimum of 10 participants required. For others, the minimum initial investment is $10,000. For both endorsed employees and regular investors, succeeding investments are $1,000 per month which is done throughout a specified term through postdated checks or salary reductions.

 

Philam Executive Vice President Gina Goco-Morales said, “We established PIP because we want more people to avail of the benefits of mutual funds. We're primarily targeting employees. PAMI is going through the extra mile by pitching this to company executives for them to institutionalize the PIP within their organization.”


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