A previous plan in 1999 to securitize future receivables from the state-owned Philippines Amusement and Gaming Corp Pag Corp which was mandated to Bear Stearns and Lehman Brothers was scrapped because it was deemed impossible to market to domestic and international investors.
In addition, there are legal and taxation issues that make it extremely difficult to launch an asset-backed securitization ABS from the Philippines.
None of this seems to have deterred the government, for the time being at least. Theres talk on the table of doing a securitization of future receivables from a number of government offices, says national treasurer, Sergio Edesa. Were evaluating whether we can go into this, especially on...
