Upstaging Manila's treasury

Article Abstract:

In an effort to re-vitalize the sagging Philippine economy, Pres Fidel Ramos' government is floating US$100 million of three-year bonds and the Philippine Long Distance Telephone (PLDT) is floating US#300 million of convertible preferred shares in the last qtr of 1992. These stock issues will test the country's creditworthiness in the world financial market and their success will greatly benefit the Philippine economy. Some observers, however, feel that the government is taking a chance by floating both issues simultaneously.

Government securities, Convertible preferred stocks

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Picking up the pieces

Article Abstract:

Philippine Pres Fidel Ramos met with his principal advisors, including outgoing Finance Sec Ramon del Rosario, on Jun 3, 1993 to evaluate the nation's economy. Three factors complicate the current situation: falling revenues; the International Monetary Fund's refusal to sanction additional standby credit; and the government's consequent need to use $1.4 billion of its reserves to pay debts. Education Sec Armand Fabella, who probably will succeed del Rosario, will have to deal with the country's worsening budget crisis.

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The US $250 million convertible

Article Abstract:

Global response to Philippine Long Distance Telephone Co's (PLDT) issue of public shares indicates that the issue is likely to be oversubscribed. Ten million global depository shares (GDS) have been listed on the Luxembourg exchange and are priced at US $25 each. Investors are promised earnings of 5.75% and an opportunity to gain access to Philippines' equity market. The proceeds of the issue will be utilized by PLDT to repay part of its foreign debt and fund its expansion plans.

Analysis, Telecommunications services industry, Telecommunications industry, Foreign securities

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