FMAP celebrates 20th anniversary
THE FUND Managers Association of the Philippines ( FMAP) leaves its teen years and turns 20 on April 22.
What started as an informal group among a few fund managers of the ’90s who would get together to share best practices and camaraderie was formed into a formal organization incorporated by colleagues Marvin Fausto, Joan Eala, Efren Cruz, Jun Bautista, and Bebs Solomon with the objective to unite the players in the industry into a coherent voice with the ultimate goal of helping the investing public.
The founding president was Marvin Fausto, who was then the chief investment officer of PCI Bank. Starting off with nine member institutions and 18 individual members managing around P1 billion in funds, the group is now a stronger organization with 48-member institutions with 298 individual members managing more than P4.5 trillion in funds.
It is with fondness and pride that FMAP looks back at its two decades of existence. The following are the fund managers who have taken the leadership in this group:
1997 — Marvin V. Fausto, PCI Bank Trust 1999 — Wilfred Son Keng Po, AIG Global Investment Corp. (Asia), Ltd. 2002 — Jo Ann B. Eala, Fareast Bank & Trust Co. 2003 — Allan S. Yu, Metropolitan Bank and Trust Company 2005 — Frederico Rafael D. Ocampo, Deutsche Bank Trust 2007 — Paul Joseph M. Garcia, ING Asset Management 2009 — Maria Theresa M. Javier, BPI Asset Management & Trust 2011 — Michael V. Ferrer, ATR Asset Management 2013 — Alexandra C. Deveras, UCPB Trust 2015 — Josefina T. Tuplano, Metropolitan Bank and Trust Company 2017 — Deanno J. Basas, ATR Asset Management
Over the last two decades, FMAP has worked hand in hand with regulatory agencies such as the Bangko Sentral ng Pilipinas ( BSP), Philippine Stock Exchange ( PSE), Securities and Exchange Commission ( SEC), Insurance Commission ( IC), Philippine Fixed Income Exchange, and even Congress and the Senate to help further professionalize the fund management industry and further develop the Philippine capital market. Speakers from the government, academe, economists, strategists, and subject matter experts were invited to their monthly forums where strategic views, experiences, challenges, and insights were shared.
FMAP became part of the initiative to form the Financial and Capital Markets Advisory Council ( FCMAC), sat at the Capital Markets Development Council, collaborated with the PSE to make Philippine equities more attractive to both local and foreign investors.
FMAP actively worked with the BSP in helping craft rules governing asset management under trusts such as the Stand Alone Trust circular and the further liberalization of foreign exchange investments. Representing investors, FMAP sits as part of the board of the Market Governance Board of the Philippine Fixed Income Exchange in crafting rules governing fixed income investments.
FMAP contributed as member of several technical working committees of Congress to pass the PERA law — Personal Equity Retirement Act, a contributory and voluntary fund where participants can get tax-free returns from their investments. It has also helped in pursuing the Credit Information System Act that aims to establish a central credit information bureau and make funds available to small borrowers.
The group was also at the forefront of the legislation of the Revised Investment Code Act ( RICA), an update of the Investment Code Act of 1960, the Real Estate Investment Trust Law ( REITs), and harmonizing the rules governing Mutual Funds, Unit Investment Trust Funds ( UITF), and Variable Unit Linked Insurance ( VUL) in crafting the Collective Investments Scheme Law.
FMAP has indeed come a long way. It has experienced a few economic cycles during its two decades of existence. From one of the rising tiger economies in the ’90s, the Philippines experienced the Asian crisis in 1997. Another EDSA rally toppled another president in 2001. Once called the sick man of Asia, the country finally got its first ever investment grade rating in 2013 and hailed as one of the best performing economies with impressive GDP growth, robust equity market, benign inflation and low borrowing rates.
During these years of ups and downs FMAP continued to play its role in the development of the Philippine capital markets. Through the continued support of its partners, FMAP actively carried out its mandate, invested in the education of its members and even contributed to charitable endeavors.
One can say that what makes this organization tick and thrive all these years is the fun factor of the group. No matter how highfalutin the jargon that fund managers speak, enough to put the
regular Juan to a deep sleep, they are a bunch of fun people, especially during their annual convention when after all their serious discussions, they would let their hair (and shirts?) down and party.
Let’s hear it from some of the past presidents of this 20-year- old group on what FMAP has done to them personally and to the industry in general.
• Jo-Ann B. Eala, FMAP president, 2002 - 2003
“FMAP is like a seed I helped plant 20 years ago. Its growth and evolution to a much larger, stronger and more dynamic organization, as well as its significant milestones for the industry, give some assurance that it will continue to be the recognized leader and official representative of the Philippine Fund Management Industry.
As a senior adviser, I see FMAP steadfast in its leading role in bringing the Philippine Fund Management Industry to even greater heights as it navigates areas beyond the country and the region. FMAP can help harness local talent and further strengthen local fund management’s capabilities in order to arm the organization with sufficient talent and know-how to compete in the global fronts.”
• Frederico Rafael D. Ocampo, FMAP president, 2005 – 2007
“FMAP has been a catalyst for change. It allowed me to give back to society by selecting and mentoring scholars — 13 graduates of UP School of Economics, all honor students with two magna cum laudes.”
• Paul Joseph M. Garcia, FMAP president, 2007 - 2009
“FMAP has been a blessing to my career as a fund manager. I was fortunate to lead FMAP during the best and worst of times in 20072008. Financial markets had a bull run and peaked in mid 2007 and then entered the global financial crisis in late 2008 sending markets in a downward spiral. FMAP has been at the forefront of financial innovation and inclusiveness by engaging financial regulators in adopting global best practice in the fund management industry.”
• Josefina T. Tuplano, FMAP president, 2015 - 2017
“Being a newbie to the industry. FMAP laid down a quick learning path for me. Sitting with the captains of the industry in the FMAP Board of Trustees and Board of Senior Advisers, gave me a unique experience of learning from the best.
For the industry, FMAP provided opportunities to professionalize and develop its members & network among peers and counterparties.”
• Marvin V. Fausto, founding president, 1997 – 1999
“I feel a great sense of accomplishment and fulfillment in having helped establish the organization. From its humble beginnings to a strong and vibrant group, FMAP has become critical to the strengthening of the investment management community. It was established months after our youngest child was born. Somehow, I feel like FMAP is also my baby having “given birth” to it and together with my other colleagues see it grow and face challenges amid interesting economic cycles throughout these two decades. As it turns 20 and leave its teenage years, I’m proud to see it like a young adult contributing significantly as the voice of the fund management industry. And I look forward to it getting older but keeping itself a fun organization.”
As they say in Latin, “Labora dure, lude dure” which means “Work hard, play hard!” This must be the secret to the group’s success, for come to think of it, the best way to sustain something is to keep the fun factor.
“I feel a great sense of accomplishment and fulfillment in having helped establish the organization. From its humble beginnings to a strong and vibrant group, FMAP has become critical to the strengthening of the investment management community.”