Pension fund administrators turn 20, top US$266.0M
Kirsis Jaquez, AFP association president. File.
Santo Domingo.- The pension fund administrators (AFP in Spanish) will have reached their 20th year in 2018, boasting an impressive performance since 1998.
At yearend 2017 the AFPs’ assets topped a tidy RD$13.3 billion (US$266.0 million) , a considerable figure for a fledgling sector.
Moreover the AFPs’ capital accounts for 10% of the bank assets, while the giants Popular, Scotia Crecer, Siembra and Reservas corner 98% of the market.
Since 2016, two new players have joined the fray; AFP Atlántico and Jamaica-based AFP JMMB BDI.
The efforts to boost and inject some level of competition and innovation in the AFP market are still modest their growth is still notable.