The Fiji National Provident Fund says due to the closure of hotels around the country- their investment has been affected.
CEO Jaoji Koroi says about 10 percent of total investments made in the tourism sector by FNPF had been affected by the pandemic.
All investments made by the Fiji National Provident Fund in the tourism sector and tourism related sectors have been affect due to the COVID 19 Pandemic.
“All our investments in the tourism sector and tourism related sectors have been affected. We all know what is happening in that sector. Hotels are running without any- there is no tourism so obviously there is no investments. Or this hotels are either partially closed or fully closed.”
Koroi says despite the impact on their investments in the tourism sector, -the telecommunication industry has been doing quite well during COVID19.
“Those types of impact are significant in those sectors. Fortunately for us, we have other sectors that are performing well. One of the sectors that are performing well under this environment is telecommunications. And we have significant investments in it and those areas. So those investments continue to perform well.”
FNPF’s hold about 42 percent of government bonds that are part of it’s investments.
“Those are the investments that are still supporting us during this difficult times. So generally respectively speaking there is about our exposure in tourism related sectors in about or bit more than 10% so those are the ones that have been affected.”
Fiji National Provident Fund will be revaluing all it’s assets within the tourism sector to determine the cash flow that can be brought in the future.