When it comes to online accessibility, the relatively small mutual fund industry in the Philippines is far behind the curve. In the US, investors can buy mutual fund shares with a few clicks on their mobile devices. We’re a long ways from this scenario in comparison, but a few local mutual fund companies have at least made some inroads in this direction by allowing additional investments through online banking.
1. Philequity Management (PEMI)
PEMI mutual funds have settlement accounts with BDO Unibank (BDO), EastWest Bank, and UnionBank.
For BDO, one has to enroll each settlement account as a third-party account on BDO Online Banking (Enrollment Services > Other Person’s Account > Enroll) and activate it through ATM or form submission to a BDO branch. If you only have a non-ATM passbook account, the latter method can be quite tedious, and activation can take a while.
For UnionBank, no enrollment is required on EON CyberAccount. Simply go to Transfers > To Another UnionBank Account:
Upon successful funds transfer, send a copy of the transaction receipt and a scan of a completed Investment Application Form to firstname.lastname@example.org. PEMI replies promptly to confirm, and if already enrolled in their e-Confirmation facility, they also email the confirmation notice within two days.
If you wish to do cost averaging and make scheduled transfers of a fixed amount to your PEMI mutual fund(s), this is easily done by going to Frequent Transfers > Enroll Payee > To Another UBP Account > Add Payee:
Enter your customer number in the ‘Payee Reference’ field. To schedule a recurring transfer, go to Frequent Transfers > To Another UBP Account > Recurring Transfer to a Frequent Payee:
2. Philam Asset Management (PAMI)
PAMI mutual funds have settlement accounts with Bank of the Philippine Islands (BPI).
All their mutual funds are listed as billers on BPI Express Online. Simply go to Payments & Reloading > Bills Payment > Enroll All Other Bills:
Enter your folio number in the ‘Reference Number’ field. Once enrolled, go to Payments & Reloading > Bills Payment > Pay Bills Today:
Unlike with PEMI, there is no need to fill out a subscription form and notify PAMI regarding the additional investment. Your confirmation receipt will be delivered through courier within two weeks. If already enrolled in their Online Access facility, you can also verify your transaction on their website.
To schedule a recurring transfer, go to Payments & Reloading > Bills Payment > Scheduled Bills Payment > Schedule Bills Payment:
3. First Metro Asset Management (FAMI)
FAMI mutual funds have settlement accounts with Metrobank and PSBank.
For Metrobank, all their mutual funds are listed as billers on metrobankdirect. FAMI has thoughtfully provided a video with step-by-step instructions (add three zeros before your five-digit client number):
Like with PAMI, there is no need to notify FAMI regarding the additional investment. Your confirmation receipt will be delivered through courier within a week. You can also request for an updated account statement by emailing email@example.com.