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Article: TUCP questions GSIS stake in Indonesian banks.
- Article from:
- Philippines News Agency
- Article date:
- October 14, 2008
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MANILA, Oct. 12 (PNA) -- The Trade Union Congress of the Philippines (TUCP) has questioned the equity stakes of the Government Service Insurance System (GSIS) in at least three Indonesian banks, but cited the pension fund's acquisition of shares in the fifth-largest US bank.
"We have nothing against Indonesian banks. But if this is the case -- that the GSIS is investing in the banks of our next-door neighbor, then it should have just invested here at home, in our own tested lenders such as Metropolitan Bank and Trust Co. and Bank of the Philippine Islands. This way, the GSIS could have helped further build up our own banks and the local stock market," TUCP ...