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January 19th, 2010 03:18 PM #31
check this out
the govt really needs money
they now want to sell dollar and euro denominated retail bonds to OFWs
Philippines May Sell Dollar, Euro Bonds to Overseas Nationals
http://www.bloomberg.com/apps/news?p...HNLSpfDw&pos=7
Jan. 19 (Bloomberg) -- The Philippines is considering selling debt in dollars and euros to its overseas citizens for the first time to help fund a record budget deficit, Treasurer Roberto Tan said today in an interview.
The government may sell three- and five-year notes in batches of $100 that will be backed by the central bank and provide Filipinos with more investment opportunities, Tan said in Manila. About 9 million nationals working abroad repatriated an estimated $17 billion last year, fueling spending in the $167 billion Southeast Asian economy.
and is planning to sell bonds to Japanese investors next month
the govt's budget deficit is exploding
The Philippines sold $1.5 billion in dollar bonds this month to international investors and may sell up to $1 billion of yen-denominated debt in February as part of a plan to raise $2.5 billion in 2010. The government estimates the deficit will widen to 293 billion pesos ($6.4 billion) this year.
“We are reviewing the proposal to tap the savings of overseas workers and hopefully we can do it as early as possible,” Tan said. The planned debt offering isn’t yet part of the scheduled borrowing in 2010 and will help the government accelerate record fund-raising before presidential elections in May, he said.
The government has received a proposal from a group of banks for the debt sale to Filipino nationals abroad, Tan said, without providing an amount for the planned offering.
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Kwento ng katrabaho ko, meron daw sya officemate dati na Italiano na tinanong daw bakit...
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