Securitization sceptics may well sneer at this statement, but a securitization bill will be passed into law in the Philippines in 2002. And the likelihood is that it will happen by June at the very latest.
For those not in the know, talk about developing the asset-backed securitization ABS market in the Philippines has been, perhaps cruelly, a bit of a joke among professionals at western investment banks in the region.
Even when the names of the institutions they worked for were linked with deals - for assets ranging from gambling receipts to natural gas revenues - the same ABS bankers would laugh off these rumours, saying that an insufficient legal and regulatory framework would...
