WILLEMSTAD - On August 12 2024 the management team of Algemeen Pensioenfonds van Curaçao (APC) officially presented the 2023 Annual Report to the Minister of Finance, Javier Silvania. The president of the board of APC was also present on this occasion.
Highlights of the 2023 Annual Report
The annual report not only provides detailed reporting of the financial result, but also looks back on important developments that impacted the pension fund in 2023. Despite the turbulent global economy, APC achieved a coverage ratio (dekkingsgraad) of 107.9% at the end of December 2023. Curaçao has taken an important step towards economic recovery in 2023. Although challenges remain, there are clear signs of resilience and potential for further growth. For APC, this means that the fund must remain alert to economic developments and their potential impact on its investment portfolio. APC remains committed to a prudent investment policy to safeguard the interests of its pensioners and participants while promoting sustainable growth. APC plays a vital role in the community and contributes to the development of a sustainable economy in Curaçao through local investments. The fund looks ahead and works together with its stakeholders to build a sustainable future.
International Influences and Local Realities
The year 2023 brought many economic shifts. The global economy was affected by conflict, inflation and central bank interventions. These factors caused fluctuations in financial markets and made 2023 a challenging investment year. At a local level, Curaçao also experienced the challenges of high inflation with declining purchasing power as a result. The tourism sector became the primary economic pillar for the islands and a major source of foreign exchange. The growth and this sector also had a positive impact on employment on all islands, especially among the younger generation.
2024 Outlook
APC starts 2024 with confidence. The focus this year will be on strategic developments and implementations to improve services and safeguard investments and returns. Local investment and real estate projects are being carried out and discussions about changes to pension legislation are underway. The master plan of the Waterfort Plaza project was submitted for assessment. APC has a strategic plan for 2022-2024, focused on customer satisfaction, sustainability of investments, investing in staff and digitizing processes. The following applies for every employee: "YOUR JOURNEY is OUR GOAL".
Despite global uncertainties, APC remains committed to the financial peace of mind of its clients. The fund thanks all employees, participants, retirees, employers, the government of Curacao, and all partners for the trust and cooperation over the past year.
Photo f.l.t.r.: Ramiro Griffith (Deputy Director APC), Evelyn Kruithof-Bor (Director APC), Minister Javier Silvania (Finance) and Cindy Jozefa-Do Rego, (President of the APC-board).