Philippine pension fund may divest artworks

Manila

ROBERT Vergara is so keen to shore up returns at the Philippines' biggest state pension fund that he is considering selling paintings hanging at the national museum.

Government Service Insurance System (GSIS) may put around 100 works by famous Philippine artists including Juan Luna and Fernando Amorsolo up for sale, said Mr Vergara, GSIS president. The US$20 billion fund targets annual returns of at least 8.5 per cent to meet its obligations to the 1.4 million workers whose savings it manages, he said.