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INFINITY DOLLAR PRIME FUND |
| Product Positioning: |
A US dollar pooled trust fund to be offered exclusively to Philippine Retirement Authority (PRA) - referred overseas Filipinos and foreigners applying for Special Resident Retiree's Visas (SRRV) in the country. |
| Minimum Initial Investment: |
Retirees who are:
35-49 years old
50 years old and above
Former Filipino Citizen
Retired ADB employee:
50 years and above
below 50 years old
Retired Ambassador of foreign countries who served in the Philippines.
Retired Military Personnel (and members of the diplomatic corps below Ambassador level)
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=US$75,000.00
=US$50,000.00
=US$ 1,500.00 (at least 35 years old; regardless of the number of dependents)
=US$25,000.00
=US$50,000.00
=US$ 1,500.00
=US$50,000.00
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| *Note: In case the prospective Retiree has more than two dependents, he is further required to make an Additional Deposit of USD$15,000.00 for each additional dependent. Above minimum investment requirements may change in accordance with existing PRA requirements. |
| Term: |
The holding period shall be at least 30 days calendar period. All closing of accounts are subject to prior PRA approval (Refer to withdrawal restriction. |
| Yield: |
Based on Net Asset Value (NAV) |
| Withholding Tax: |
7.5% final withholding tax (NAV is already net of tax) |
| Modes of Acceptance: |
Bank Manager's Check or Drafts, Demand Draft drawn on a foreign bank payable only to the Retiree, Inward Remittances via PDDTS/Telegraphic Transfer, provided the forms and the remittance advice are mailed directly to the Bank for booking or deposit (subject to bank charges) |
| Modes of Withdrawal: |
1. Credit to SA/CTD
2. Outward Remittance via PDDTS/Telegraphic Transfer
(subject to bank charges)
3. Demand Draft (subject to bank charges)
4. Traveller's Checks (subject to bank charges)
* Depending on the amount of withdrawal and preferred mode of payment, a three (3) day prior written notice of withdrawal may be required by the Trust Department.
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| Withdrawal Restriction: |
* Withdrawals of principal from a placement shall be allowed by the Bank only upon submission of a written clearance from the PRA and noted by the Retiree on the face thereof. However, income earned maybe withdrawn without a clearance from PRA
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| Documentation: |
1. Official Receipt/Debit Memo
2. Certificate of Participation (to be issued next day per placement)
3. Trust Agreement (one time issuance)
4. Signature Cards (per account)
5. Additional Terms and Conditions
6. Bank Certificate
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| Investment Portfolio: |
Dollar-denominated Certificate of Time Deposit
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| CHARGES AND FEES |
Trust Fee:
Conversion Fee: |
At 1.5%p.a, Maturity proceeds computed net of trust fee
At .005 upon conversion of interest withdrawn to be remitted to PRA
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| Withholding Tax: |
7.5% final withholding tax (NAV is already net of tax)
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| Pre-Termination Penalty: |
FCDU Savings Rate or Prevailing NAVPU X NO. of UNITS whichever is LOWER.
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