BPI Trade is losing its teeth. After losing its fixed income trading platform, it will now complete it by losing its Mutual Fund platform. The new instructions which I perceive will be a manual procedure is not yet in my hands. Last month, I started an ALFM Peso mutual fund account and was hoping for automatic savings through online trading. Now I probably have to fall in line. Talk about interactivity.
Effectivity is next month, November 16. I cannot pull my money off the fund because of a 6 month holding period. Penalty is large and I probably have to pay tax even if it is a loss.
What’s next? I probably have to pay brokerage transfer fees. BPI Trade is probably being shut down the drain. Due to lack of marketing, BPI Trade is probably doomed to fail.