In the Philippines, mutual funds are investment companies, and not deposit substitutes. Therefore, Philippine mutual funds are not insured by the Philippine Deposit Insurance Corporation (PDIC). Investors in Philippine mutual funds bear the risk of possible losses on their original invested principal, but by the same token stand to enjoy potential investment returns well in excess of the yields on bank deposit instruments and pre-need plans. In the Philippines, mutual funds (and their investment advisers, such as MFMCP), are regulated by the Securities and Exchange Commission, not by the Bangko Sentral ng Pilipinas. Open-ended series trusts established in the Cayman Islands are similarly subject to the risk of possible losses on invested principal, and may enjoy variable rates of return.