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  History of the Investment Company Association of the Philippines (ICAP)  

In 1995, the ADB, with the support of the AIM, held a regional seminar to further develop the awareness on mutual funds in the Philippines . In the same year, the Investment Company Association of the Philippines (ICAP) was organized by five member funds.  ICAP's conceptualization had very noble intentions.  The association has positioned itself in the mainstream of the Philippine mutual fund industry with the prime objective of ensuring its success.  Behind it were experienced, well known personalities: Mr. Arthur B. Sokolow, identified as the perennial mutual fund player, and Mr. Roberto Lorayes, previous Chairman of the Philippine Stock Exchange.  It did not take long for government regulators and the private sector to recognize the ICAP as the association of Philippine investment companies.

In 1998, the ICAP successfully lobbied to eliminate double taxation making it more profitable for mutual fund shareholders. This also gave the mutual funds an edge over the banks' common trust funds, thus paving the way for stronger market acceptance.

In the new millennium, mutual funds have grown at a pace which will make the industry a formidable one to deal with in the near future.   The industry has helped in maintaining investor confidence despite the prolonged Asian crisis.  It has minimized capital flight and has brought new perspectives in terms of the investment and savings maturity in the country.  Given the need for the country to compete in the global markets, mutual funds will certainly serve as a vital ingredient for current and future national development

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