Maniolas

The so-called catastrophe bond may have its maiden issue this year, amounting to “between $100 million and $300 million,” Purisima told The STAR in a roundtable discussion yesterday. Philstar.com/File MANILA, Philippines – The Philippines is in the final stages of discussions on an investment product that would allow the government to eliminate obligations when a natural disaster hits the country, Finance Secretary Cesar Purisima said. The so-called catastrophe bond may have its maiden issue this year, amounting to “between $100 million and $300 million,” Purisima told The STAR in a roundtable discussion yesterday. “The idea is that if a certain type of catastrophe hits, the bond will be extinguish of the debt, and thus, will open up the financial capability of the government,” he explained. In turn, this would allow the government to allocate more funds as response to the calamity. The government is now working with the World Bank on the mechanisms of the bond, one of which is the rate of return an investor may get from availing of the security. Since the investment product could be riskier than regular bonds issued by the government, Purisima said it would have higher rates. Prevailing concessional loan rates of the multilateral lender would also be considered. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 At present, the World Bank charges around one percent for its concessional loans, while a 25-year benchmark bond issued by the government yields around four percent. “If we can pay a little more than that Read More …

MANILA, Philippines – While investors swamped the latest debt exchange by the government, most of them flocked to the longer termed securities on offer as they look at locking funds for the future still seen stable with high growth and low inflation. Around 65 percent—or P255 billion—in tenders to the current debt swap were for bonds maturing in 2040, or for a term of 25 years, the longest maturity being offered by the government, National Treasurer Roberto Tan said yesterday. The remaining balance, around P133 billion, wanted to swap for 10-year 2025 securities. The government is authorized to issue up to P300 billion. Results of the bond swap will be announced today. “The demand was very encouraging. We are not saying that we will be accepting everything though. It depends on the yield that we will accept,” Tan told reporters after the regular Treasury bill auction. Factors that will be considered, Tan said, include potential for interest savings for the government, the duration of payments, as well as the extension it will create on the average maturity of state debts. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Easily though, Tan said the debt swap would lengthen average government maturities by “additional 10 years.” The Philippines launched its local bond exchange last Aug. 26 in what Finance Secretary Cesar Purisima said was a way to “proactively manage the government’s debt portfolio.” Aside from the debt swap, the government also put on offer new 10-year bonds, proceeds from which will Read More …

An Indian stock broker reacts as he watches the Bombay Stock Exchange (BSE) index on his trading terminal in Mumbai, India, Tuesday, Aug. 25, 2015. Chinese stocks fell Tuesday for a fourth day, hitting an eight-month low amid signs Beijing was no longer buying shares to stem a price slide, and Japanese stocks also dropped. But other Asian and European markets bounced back from a day of heavy losses. AP/Rafiq Maqbool BEIJING  — Employees of one of China’s biggest securities firms and one current and one former employee of its market regulator are under investigation on suspicion of illegal stock trading, state media reported Wednesday, amid the collapse of a stock price boom. Three other brokerages announced they are under investigation for possible violations of rules on confirming the identities of customers. The announcements come amid the collapse of a stock price boom that has seen China’s market benchmark lose more than 40 percent of its value since early June. Authorities have accused securities firms of manipulating prices, suggesting the ruling Communist Party might be trying to shift blame for the collapse, which angered small investors. Eight employees of state-owned Citic Securities Ltd., including one surnamed Xu, are suspected of “illegal securities trading,” the Xinhua News Agency said. It gave no other details, but a leading Chinese business magazine, Caixin, reported on its website that Xu was the firm’s managing director, Xu Gang. The Chinese police ministry announced July 12 that investigators had found “evidence to suspect that individual trading Read More …

MANILA, Philippines – To serve the growing two-way tourist arrivals between Turkey and the Philippines, Turkish Airlines launched direct, non-stop flights between Istanbul and Manila in March. Data from the Department of Tourism shows a 19-percent increase in tourist arrivals from Turkey between 2012 and 2013. “The Philippines has posted one of the world’s most impressive economic growths in recent years. Turkish Airlines sees opportunities in expanding air travel services in this country, which not only has a booming economy and a large population, but excellent tourist destinations as well,” said Erhan Balaban, Turkish Airlines general manager for the Philippines. “We are also committed toward strengthening ties between Turkey and the Philippines by taking part in both countries’ efforts to develop tourism, trade and investment.” Balaban, who took over the position in October 2014, oversees the airline’s operations in the country – from marketing and advertising to accounting and cargo operations. His many duties include “representing the company in the best manner.” Prior to handling the Philippine operations, Balaban was tasked to oversee the Japanese account. “My door is open to everyone as it is important for me that my staff feels comfortable in their relationship with me. I see myself as sensitive on having things in order. I experienced this in Japan, which I believe is the proper way of doing business,” he said. Proper communication ranks high in his leadership style. Every morning, he gathers his team for a 15-minute meeting to update each other on tasks and Read More …