solution and, also, to create labor conciliation centers to reduce trial cases (as established by Mexico’s labor reform). 12. Diversifying the Investment Portfolio To diversify the AFP investment portfolio, the following actions are proposed: a) The Superintendence must play a more active role to avoid an excessive concentration of funds invested in one or two instruments—a risky atti­tude has been the consecutive increase by the Superintendence of limits on foreign investment in Peru; b) Likewise, encouraging investments in new instruments such as infrastructure, mortgage bonds issued and guaranteed by specialized banks(but not in per­sonal loans or direct investment in the construction of houses, as they have had adverse results) 113 and national development bonds also issued and guaranteed by banks for the promotion of industry, agriculture, tourism, and technology; c) In Costa Rica, Uruguay, the Dominican Republic, and El Salvador, between 61% to 82% of investment is concentrated on public debt and its diversification is essential; d) The Salvadoran re-reform put an end to the excessive future concentra­tion of the investment of fully-funded funds in public debt instruments to finance the transition, but still most of the investment is in such instru ­ments(CIP) with relatively low capital return and continue to be issued, which must be stopped or gradually reduced; e) Public collective funds in Argentina 114 and Bolivia(here also the individual account fund) need to diversify their investments in order to reduce exces­sive concentration in public debt and bank deposits, respectively, which pay low or negative real returns; 113 For further information on this topic and for other investment recommendations, please see the latest edition(2020) of the OECD’s annual survey on pension fund investment. 114 In Argentina, funds transferred from the individual accounts that were merged with the fund of the public PAYG system must be invested pursuant to strict legal regulations that maximize their return and minimize their risk. 220