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Art for Sale as Philippine Pension Hunts for Yield: Asean Credit

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Robert Vergara, keen to shore up returns at the Philippines’ biggest state pension fund as bond yields slump, is considering selling paintings hanging at the national museum.

Government Service Insurance System may put around 100 works by Philippine artists including Juan Luna and Fernando Amorsolo up for sale over the coming 10 years as local consumers become more wealthy, GSIS President Vergara said in an Oct. 21 interview in Manila. The $20 billion fund targets returns of at least 8.5 percent to meet obligations to the 1.4 million workers whose savings it manages and has generated between 9 and 12 percent over the last three years, he said.