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Although foreign investment limits in Latin America have been rising over time, they remain extremely low—20 percent in Argentina, Colombia, and Mexico; 40 percent in Chile; and 10 percent in Peru. In El Salvador and Uruguay, pension funds are not allowed to invest abroad. In Brazil—where pension fund investment is optional—the foreign investment limit is about 3 percent. It is often argued that controls are needed as the funded system matures to secure demand for public debt issued to finance pension payments of the old pay-as-you-go system. This argument treads water: only a fraction of the captive pension funds are invested in government debt. As of 2007, the share of government debt in pension fund portfolios was 50.9 percent in Argentina; 14.5 percent in Brazil; 9.2 percent in Chile; 46.6 percent in Colombia; and 70 percent in Mexico.