The Dominican Association of Pension Fund Administrators (adafp) published this Wednesday a statement explaining to public opinion and workers related to the reduction in account statements affiliates to the Pension Fund Administrators (AFP).
adafp explains that he makes the clarification in view of “the confusions that have arisen in public opinion”, as a result of the fact that the individual capitalization accounts of the affiliates showed a negative balance in February and that this fact “has been wanted to distort”, alleging irregularities in the management of these funds.
The entity maintains that, at the end of February, the investments in pesos of the pension funds, managed by the four main AFP affiliated with adafpamounted to 563,750 million pesos, for an increase of 10,588 million pesos compared to January.
It adds that “investments in dollars totaled 3,257 million dollars, for a decrease of 72.3 million dollars.”
“Given these facts, workers they will wonder if this is good for them. The answer is yes. First the workers they have an additional 10,588 million pesos in February compared to January and they have 72.3 million dollars less. Second, if at the beginning of January, the pesos had been taken from those 10,588 million pesos to buy 72.3 million dollars and increase investment in dollars, calculated at the rate of that moment of 57.64 pesos, there would still be 6,420 million pesos left. available weights”, he indicates.
The adafp ensures that funds in pesos and dollars are intact and maintain their economic value.
Regarding the reduction that occurs in some account statements, the adafp indicates: “This has a clear and simple answer; in table 1 the portfolios are presented in their corresponding currency, however, the regulations require that the portfolios be expressed in a single currency, the Dominican peso”.
It states that at the end of February the portfolio in dollars was calculated at a rate of 54.41 pesos given the appreciation of 3.23 pesos that the peso had in relation to the dollar in that month, when at the end of January it was at 57.64.
“This information clearly explains the exchange effect of February, contrary to the false premises of fraud and irregularities, information that we understand will be weighted rationally by those people and sectors of good will,” he says.
“Now,” he adds, “there will always be sectors for which no explanation will suffice, since they do not want to understand but rather misrepresent information, create confusion in affiliates and above all to denigrate and destroy the pension system, because reason and good will do not prevail in them, only intimidation and defamation.”
