MANILA, Philippines - Metrobank's investment banking unit First Metro Investment Corp. (FMIC) is setting up an exchange-traded fund (ETF).
FMIC said its board approved the creation of an ETF, with an initial capitalization of P250 million. The ETF will be subject to regulatory approvals.
First Metro Asset Management Inc. will be the fund manager of its ETF.
Earlier, BDO and Bank of the Philippine Islands bared plans to set up their own ETFs before the end of the year.
ETFs allow investors to bet on the Philippine Stock Exchange index or one its sub-indices, instead of having to pick their own stocks. These funds are popular abroad because they're cheap and easy to invest in.