FNPF still has assets that continue to earn from their investments - Koroi

The CEO of the Fiji National Provident Fund, Jaoji Koroi says the FNPF still has a lot of assets that continue to earn from their investments.

Koroi says the FNPF members should rest assured.

He says investments in the tourism industry is about 16% of their total portfolio but the Fund’s investments in government bonds, Vodafone Fiji and HFC continue to get the returns.

Koroi says the key source of funding for FNPF in terms of cash for the next six months is something that they are really looking to take an active control on.

Koroi says like many businesses, cash is quite important for FNPF at this stage.

A total of $52.1 million has been paid out so far by the Fiji National Provident Fund and the government through the COVID-19 Withdrawal Assistance.

FNPF Chief Executive Officer, Jaoji Koroi says $7 million has been paid by the government and $45.1 million has been paid by the Fund.

In a press conference this morning, Koroi says in the first phase, 90,487 applications were received and so far funds have been paid for 82,850 applications.

For TC Harold Withdrawal Assistance, $1.06 million has been paid so far to the affected FNPF members.

1,072 applications were received and 812 applications have been processed so far.

Koroi also revealed that members funds as at June 2019 was $5.91 billion.

He says $1.19 billion was in the general account and $4.72 billion in the preserved account.

In 2014, FNPF had $2.5 billion in the preserved account.