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The source, who declined to be identified because the transaction is not yet public, said that the government is seeking approval from the Bangko Sentral ng Pilipinas (BSP) to sell as much as $1 billion.
Finance Secretary Cesar V. Purisima earlier said that the Aquino government may sell dollar-denominated bonds as early as January depending on market conditions.
Purisima said that the finance department’s International Finance Group (IFG) was already “engaging” the BSP on the government’s borrowing program for next year.
“When the markets opportunities are assessed to be favorable, I’m sure we will take advantage of it,” Purisima had said.
Finance Undersecretary Rosalia B. de Leon also said that the government was closely watching financial markets as it studies a possibility to raise about $1 billion through a global bond issue in January, 2012.
The Philippine government has a history of approaching the markets early in the year to raise bulk of its foreign debt and obtain favorable borrowing terms.
“We are always looking for opportunities to manage our liabilities and also looking at opportunities to execute our funding at the most efficient way and Undersecretary De Leon is in charge to implementing that program,” Purisima said.
De Leon heads the finance department’s IFG.
In January this year, the government raised $1.25 billion in global peso bonds and another $1.5 billion in new 2026 global bonds in March.
source: Manila Bulletin
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