Two months after declaring the Philippines a country unable to support institutional investment, Californian pension fund Calpers, one of the world’s biggest investors, announced that it had made a mistake and that it did in fact consider the country a “recommended permissible market”.
Its controversial decision to withdraw from the Philippines in February resulted from a review of the criteria of its permissible country list begun in August 1999. These aim to assess which emerging markets can support institutional investment.
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