Top Philippine fund keeps cash on China volatility

Manila

THE Philippines' top fund manager is staying with cash as the cheapest shares in three years aren't attractive enough to ease his anxiety over China's economy and stock-market rout.

Smith Chua, who manages four out of the five best-performing Philippine equity funds over the past two years as chief investment officer at Bank of the Philippine Islands (BPI), said that his cash holding is the same as August and September when it doubled from the start of 2015 as the volatile environment in China makes it difficult for him to invest.