The PSBank Personal Management Trust is a living trust created by an agreement, whereby the trustor conveys property or a sum of money to be managed by the trustee, as the agreement dictates, generally for the preservation of the assets or property for future use of the beneficiaries and / or to answer for their current needs.
The trustor may or may not nominate third-party beneficiary / beneficiaries. The trust agreement must specify the name/s of the beneficiaries.
Personal Management Trust (PMT) gives the trustor the convenience to access diversified financial instruments, becoming a popular alternative to traditional wills.
|Minimum holding period
|Six (6) months
The minimum entry amount and maintaining balance shall be equivalent to at least PhP100,000.00; provided that PMT with balances of up to PhP500,000 shall only be invested in deposits and government securities.
Subject to exemptions under Bangko Sentral ng Pilipinas (BSP) regulations governing the mandatory cooling-off period, the TRUSTOR/s is/are entitled to a cooling-off period of two (2) banking days from the date of initial participation (the “Cooling-Off Period”) in the applicable FUND. Should the TRUSTOR/s decide(s) to avail of their right to Cooling-off period, the TRUSTOR/s shall give the TRUSTEE / MANAGER a written notice to cancel within such 2-banking period. In which case, the TRUSTEE / MANAGER shall refund or return to the TRUSTOR/s the amounts invested, including the documents submitted, without undue delay and within a maximum period of fifteen (15) banking days after receipt of such notice to cancel and shall charge ad withhold from said refund such processing fees or charges that are not greater than the actual or reasonable approximation of administrative costs incurred by the TRUSTEE as recovery thereof. As a result of the cancellation, the TRUSTOR/s understand(s) that such a cancellation may also result in a mark to market gain or loss depending on the prevailing NAVPU which shall be for the TRUSTOR/s’ own account. Otherwise, if the TRUSTOR/s fail to exercise such a right within the said Cooling-off period, the cancellation of investment beyond which shall be treated as a normal redemption subject to the applicable early redemption penalty. The cooling-off period is available for financial consumers who are individuals, or micro and small enterprises as defined in applicable DTI regulations.