Special Report: Global Financial Crisis
SINGAPORE, Feb. 4 (Xinhua) -- Singapore's Ministry of Finance said the
Government of Singapore Investment Corporation (GIC) have lost value in
investment amid global financial downturn, local media reported on Wednesday.
According to TV broadcaster Channelnewsasia's report, although the GIC
registered good performance over the long term, its investments have lost value
like other institutional investors in the backdrop of the crisis.
But the ministry said that GIC's loss is much less than the 42 percent
decline in global equity markets for 2008, adding that the damage was cushioned
by GIC's early decision to reduce its equity market exposures and its
diversified portfolio, the report said.
The ministry said the GIC will take a long-term approach to investment
management, which will enable it to ride through the current downturn.
Incorporated in 1981, The GIC is one of the two investment firms owned by
the Singapore government and currently invest in more than 40 markets worldwide
in a variety of investments and securities.