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State-owned occupational insurance provider PT Jamsostek said
it would again this year be conservative in investing the huge fund
under its management, according to a commissioner.
Rekson Silaban told The Jakarta Post on Friday that last year the
company's investment approach was conservative despite having some Rp
60 trillion (some US$6.5 billion) at its disposal, a 7.1 percent
increase from the 2006 portfolio of Rp 56 trillion.
"Up to 70 percent of that Rp 60 trillion, we invested in bank deposits
and mutual funds."
The remaining 30 percent was invested in foreign exchange and several
state-owned enterprises in the form of capital injection, he said.
"Besides being conservative, a government regulation limits ... certain
kinds of investments," he said.
A 2005 regulation provides that no more than 50 percent of the
portfolio may be invested in the stock market while for the property
market and direct investment the respective limits are 10 and 5 percent.
Rekson said that from last year's investment, the company managed to
book gross gains of Rp 6 trillion, an increase of 22 percent from the
year earlier.
"We've met the House of Representative's revenue growth target."
Jamsostek booked Rp 910 billion in net profit last year, some 10
percent higher than the targeted Rp 828 billion.
Jamsostek collects unemployment insurance funds from 7.9 million active
member workers.
Rekson said the company saw no increase in active members last year.
"There are lots of workers out there who haven't joined Jamsostek.".
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