Confidence booster: Manila completes debt work-out - at a price

Article Abstract:

Confidence may have been restored in foreign lenders after the Philippines after a new debt-service payment scheme was worked out. Unfortunately, the huge foreign debt has not been completely dealt with but merely recycled into the domestic sector. Following a debt-repayment crisis which started in Oct 1983, the Philippine government is set to sign a new financing package on Jul 24, 1992. At least half of the outstanding term loans from commercial banks will be terminated either through buy-back deals or through conversion into long-term bonds. Cash-flow savings have been estimated at $1.8 billion.

External debts

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Manila's black hole: losses at central bank undermine economy

Article Abstract:

Mismanagement and inappropriate financial moves have made the Central Bank of the Philippines a loss-generator and financial liability to the government. The bank has been operating at a loss due to unsound business moves it was constrained to implement. These measures include the extension of unsound financial deals and assistance to companies during the Marcos and Aquino governments. This is compounded by continued issuance of treasury bills to make up for the central bank's losses.

Central Reserve Depository, Central banks, Philippines. Central Bank of the Philippines

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Manila: fresh blood

Article Abstract:

The Philippines stock market is in a bullish season, and it reflects a developing economy and optimistic business leaders. New stock listings for Filinvest Land, Benpres and Victorias Milling show the willingness of corporate owners to risk diversified control for growth. Overall prices in the stock market have increased 50% in 1993, with $650 million of foreign investments helping.

Foreign investments

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