Philippine Government considering bond sale to OFWs
The Philippine government yesterday said it was considering the sale of retail bonds to overseas Filipino workers (OFW’s), which a fund manager involved in the deal said could raise as much as P35 billion ($768 million) in Euros and dollars.
National Treasurer Roberto B. Tan told Reuters a sale was being pursued, but the government had yet to appoint issue managers or finalise the structure and size of the offer.
“We are pursuing it because that is part of our advocacy for OFWs (overseas Filipino workers),” he said.
However, Juanchito Dispo, an executive vice-president of First Metro Investment Corp. which has submitted a proposal to the government for a retail bond, said the government was considering an issue for up to P35 billion denominated in euros and US dollars.
Remittances from overseas workers in 2008 reached a record $16.4 billion. The central bank forecast they rose 4% in 2009 and would expand a further 6% in 2010.
The government had considered selling at least $100 million in retail bonds in early 2008, but pushed back the plan after encountering legal issues. Source: Reuters
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