Last week, I redeemed my FAMI mutual funds because we need cash to pay for the house we bought. I only redeemed SALEF and SALBF. I still have SALFIF in my account. It took one week to complete the redemption process since I am out of the country but anyhow I was satisfied with the profit I earned from it.
In just 1 year and 8 months, I gained more than 22% in my equity and balanced fund. It is very nice to get that kind of return but I know some people can do more than that. It is much better than investing your money on time deposit which can give you a maximum of 4-5% per year.
In addition, it is far much better than putting your money on savings account which will give you a measly 0.5% per year. It is the reason why I’m encouraging you to start investing in mutual funds. It is one of the best investment for OFW available these days.
The Story of How I Redeemed my FAMI Mutual Funds
First of all, in order to redeem your fund, you should fill up a redemption form and then send it to FAMI office together with the CORs or the Confirmation Official Receipt they sent to your mailing address every time you purchased a mutual fund.
This COR is the reason why I took one week to finish my redemption because one COR I have not receive. So you should keep all the COR for future use. In addition, I need to send the forms via post office from Korea to Philippines but I used EMS to make to make it faster.
A FAMI employee send me an email to get an affidavit stating I didn’t receive the COR in order to redeem corresponding mutual fund. However, I am here in Korea and it is hard to get an affidavit so I told her if there are other ways to redeem that lost COR. In the end, she told me just to write a formal letter to FAMI VP stating that I didn’t receive the COR.
Just a tip, in the redemption form, you need to state the number of shares you want to redeem and the corresponding COR. You should also write the bank account where you want FAMI to deposit the proceeds of redemption. You may also get the check in their office or authorize a representative to get it instead of you.
Lastly, maybe if I’m there in the Philippines, it will just take 2 to 3 days to complete the redemption. It will be also easier and faster to redeem the funds if FAMI can accept just scanned copies of redemption forms, the statement of account and valid ID just like CitisecOnline is doing when someone withdraw funds from them.