Cemex: a rare concrete deal in the Philippines

The Philippines has become one of the best-regarded economies in Asia. But what it has not become, despite the best attempts of bankers inside and outside of the country, is a major source of capital market revenues.

The easy availability of bank loans, bolstered by steady flows of remittances from overseas workers, puts many local companies off the rigours of bond registration. The most recent initial public offering was paltry a $4 million listing by Italpinas Development Corp. Block trades are patchy too, as they are elsewhere in the region.

But opportunity lurks on the horizon, with the Philippines Stock Exchange expected to facilitate deals worth Ps200...