$561.5 million - milestone interest rate payout for FNPF members tomorrow

Great news for members of the Fiji National Provident Fund as FNPF has achieved a record interest rate crediting of 8 percent for members, the highest in the last two decades.

A total of $561.5 million will be paid to 417,722 members’ accounts tomorrow.

FNPF Chief Executive Officer Viliame Vodonaivalu says this remarkable achievement is a testament to the effectiveness of their investment strategies, which have been meticulously crafted to optimize returns, diversify their portfolio, and focus on resilient sectors for sustainable growth.

Vodonaivalu says they will continue to uphold their values of integrity, transparency, and accountability in serving the members and the people of Fiji.

He says the increase in income, has been driven by several key contributors.

Vodonaivalu says government bonds have been a significant source of total income earned, accounting for 30 percent of the total.

Equities have also performed well, contributing 51 percent, commercial debt 11 percent and property and other portfolio 8 percent.

He says these results align with their core strategies of optimizing existing investments, diversifying across various asset classes, and focusing on resilient sectors for sustainable returns.

Of the income earned from equities and commercial debt, their telco assets generated 9 percent and hotel assets accounts for 24 percent.

The FNPF CEO says a few of their recent investments are a testament to their forward looking strategy, for example, the acquisition of shares in Future Farms – Rooster Chicken and Fletcher Higgins of Fletcher Construction and the mix-use commercial/industrial property assets.

He adds that with a continued member centric focus, the Fund has made great strides through the enablement of beneficial initiatives such as the inclusion of professional development courses and laptops in the education withdrawals, positive changes in medical and unemployment preretirement benefits and collaboration with institutions such as the I-Taukei Land Trust Board for housing withdrawals.

Members will be able to view their new balance on the myFNPF App and other digital platforms, from Monday 1st July.

FNPF’s digital platforms will be offline on Sunday 30th June from 8am to 7pm.