Tuesday, September 14, 2010

Bond Float -tigilan ninyo ako

Dear insansapinas,

Gusto ko sana si Purisima pero sa sinabi niyang ang bond float daw in peso denomination is a breakthrough achievement” of the Aquino administration, nawala lahat ang aking paghanga kung meron man. ano siya sinuswerte. Pero bago ko i-discuss yan dahil yan ang aking forte aside from showbiz tsismosa, basahin muna natin itong excerpt sa opinion ni Amando Doronila.

Bond float report cheap propaganda
By Amando Doronila
Philippine Daily Inquirer
First Posted 03:05:00 09/13/2010

PRESIDENT Aquino’s economic
managers came to the rescue of his embattled administration with a report on Friday describing as a “milestone” the $1 billion (equivalent to P44 billion) raised from the sale of peso-denominated bonds outside the country.
Finance Secretary Cesar V. Purisima, who had been silent since Mr. Aquino’s inauguration on June 30, popped his head out of the administration’s bunker as it was being battered by a series of blunders in the first half of its first 100 days by shifting the focus to economic good news from the shortcomings and hit-and-miss decisions on administrative issues.
Purisima boasted that the bond issue float, in pesos, was a “resounding success and a breakthrough achievement” of the Aquino administration. He claimed that it was also the first time an Asian country made a float using its own currency, indicating the Philippine peso was now being accepted as an overseas bond.
 Ang katotohanan ay ito. Bago yan pwedeng i-float, may mga rating muna.

The Singapore unit of global credit rating firm Moody’s Investor Service gave the global peso bonds a Ba3 rating, citing the country’s resilient external sector and the stability of its financial system.

Rival Standard and Poor’s Singapore unit gave the global bonds a BB- (BB minus) based on the Philippines' steady economic growth the past 10 years.

“The Philippines’ record of steady growth is a rating support. Over the past decade, real GDP growth averaged 4.9 percent without significant fluctuation. This is despite ongoing political volatility and numerous institutional and structural impediments," S&P lead analyst Agost Bernard said Thursday.

The rating ws not based on the president's leadership BECAUSE THE BONDS WOULD MATURE BEYOND HIS ADMINISTRATION. 

The rating was based on past economic performance na dinudusta-dusta nila. Wala pa namang silang isang taon kaya sa past administration pa yon credit. 

Tapos ang daming  inengage ang services para sa floating niyang bonds, kagaya ng Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs (Asia), HSBC, at JP Morgan.
 Naku makapagkape nga.


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