The CEO of an investment firm is confident about the economy’s rebound this year
Despite the fact that uncertainties persist, particularly in light of the danger posed by the Delta form of the coronavirus disease 2019 (Covid-19), an official from investment management and trust firm said on Thursday that the economy is in a state of recovery.
President Michael Gerard Enriquez of Sun Life Investment Management and Trust Corporation (SLIMTC) said possibilities exist today despite market uncertainty since the government has been doing “excellent work” in ensuring that the economy is well-positioned for recovery.
“I believe that there are more optimists today, notwithstanding the Covid-19 Delta version, which has caused some short-term concern in the past. Nonetheless, we anticipate that the economy will begin to recover,” he added.
As a result of the epidemic, the GDP shrank by 9.5 percent in the previous year.
Although economic managers are optimistic about the recovery of domestic production to between 6 percent and 7 percent this year, they note that the economy is still being reopened and that the government is increasing expenditure, particularly on social safety programs and infrastructure.
According to Enriquez, the introduction of SLIMTC comes at an opportune moment since these steps increase investor confidence.
Following the pandemic’s impact last year, he said that investors are now “evaluating their portfolios and risk tolerance.”
“From 2020, last year, until probably now, we have become more confident, and the attitude regarding the revival of the economy has shifted more positively,” he said.
Between those two points of view, Enriquez said that SLIMTC was established to bridge the gap between the requirements for individual and institution-level investors, such as retirement funds.
As he put it, “We see SLIMTC focusing more on providing solutions to customers than developing particular products and selling them to institutional clients.”
He went on to say that they aim to learn more about what their prospective customers want, in order to better decide the tactics to execute.
The fact that SLIMTC is a subsidiary of a global corporation means that they will be able to sell not just local assets but also those that are being offered abroad, according to Enriquez.
According to him, “(these include) even derivatives solutions, for which we are now in the process of seeking for a license in order to be able to demonstrate our derivatives skills, which we have previously done in the insurance and asset management businesses.”