Dutch electronics giants Philips makes €600m contribution to pension fund

first_imgEven though the scheme has now surpassed the legally required financial reserves of 107% coverage, it warned that it still considered itself to be in the “danger zone”, and was therefore still deliberating over the possible indexation of pension rights.The Philips Pensioenfonds said it lost 0.3% on its 70% liability-matching portfolio – meant to finance most of its liabilities, as well as 2% inflation – during the fourth quarter.In contrast, the scheme’s 30% return portfolio generated 5.5%, thanks to well-performing equity and high-yield credit.The return portfolio, which also includes emerging market debt and property, is to bolster its financial buffers and finance any surplus inflation and longevity risk, the scheme said.The pension fund attributed the 0.2% outperformance in particular to the returns on high-yield credit and commodities. Dutch electronics giant Philips is to boost the assets of its €14.9bn pension fund with an additional contribution of €600m.It said €500m would be used to increase the coverage ratio of the Philips Pensioenfonds by 3 percentage points to 111%.The extra contribution, it said, is the result of a new collective labour agreement (CAO) between the employer and the unions.The Philips scheme reported a quarterly return of 1.3%, leading to funding of 108% at year-end, and an annual return of 0.6%.last_img read more

US-PH ties still ‘perfect’ amid ban on De Lima jailers – DFA

first_img Trump has signed into law the 2020 national budget, which includes the Department of State, Foreign Operations and Related Programs Appropriations Bill 2020 where a clause banning Philippine officials who detained De Lima is included. “(It’s) perfect… that’s the legislative branch. The same in Europe, sometimes the legislative branch in the European Parliament says something against us,” Locsin said in an interview. US Democrat Senators Dick Durbin and Patrick Leahy were behind the inclusion of the provision on banning De Lima’s jailers in the US government’s spending package. He added that any country has the right to ban foreign nationals from its borders, but insisted that the opposition senator’s detention over illegal drug trade is legal as said by the Supreme Court. Foreign Affairs Secretary TeodoroLocsin, Jr. on Wednesday categorized as “perfect” the relationshipbetween the two countries and the controversial US Senate resolution willnot change it.center_img De Lima has been detained since February 2017 at the Philippine National Police Custodial Center in Camp Crame, Quezon City over allegations that she let the illegal drug trade to proliferate inside the New Bilibid Prison. She has repeatedly denied the charges./PN MANILA – The United States and thePhilippines still have amicable ties despite the possible travel ban onFilipino officials and a US Senate resolution condemning the government overthe detention of Sen. Leila de Lima. “Read the (US) resolution, the resolution says we are giving authority to the executive branch to look into these people who may have been responsible for the illegal detention of de Lima. My answer is, illegal? Who said it’s illegal? The Supreme Court said no, it’s legal, so who would you believe?” he said.last_img read more