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FNPF tourism investments shored up by telecom revenue

July 1, 2020 12:40 pm
Chief Executive Jaoji Koroi says tourism makes up just over 10 percent of their portfolio and the Fund is re-evaluating their future cash flow.

The Fiji National Provident Fund’s investments in the tourism sector are struggling due to the impact of COVID-19.

Chief Executive Jaoji Koroi says tourism makes up just over 10 percent of their portfolio and the Fund is re-evaluating their future cash flow.

Koroi adds the pandemic has made it difficult to project revenue, and this has resulted in the FNPF being able to declare only a five percent interest for its members.

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He says other investments are performing well.

“One of the sector that is performing well under this environment is telecommunications and we have significant investment in those areas, and of course our holding in the government bond which is about 42 percent of our total investment, those are the investments that are still supporting us during this difficult times.”

Koroi says investment in the tourism sector will continue to be affected in the coming year.

He adds the FNPF investments in government’s bond will support their returns once businesses return to normal.

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