Malampaya Income Securitization Pushed

Article excerpt

The government will start this year sending out requests for proposals from investment banks that might be interested to participate in the securitization of the future government revenues from the Malampaya natural gas project.

"We have initially agreed to start soliciting proposals from interested banks," said Department of Energy assistant secretary JV Emmanuel de Dios, a member of the Malampaya revenue securitization committee.

The four-man team which also involve Department of Finance assistant secretaries Roberto Tan and Noel Bonoan and a director from the DoE held its first meeting early this month.

Aside from the concensus on sending out requests for proposals, de Dios said the committee also agreed to draw up timetable for the securitization of the Malampaya revenues.

"Ideally, we are looking at the half (between June to July) of next year to carry out the securitization...but of course, that is just a moving target, we also need to assess the condition of the market in the coming months until next year," he said.

The initial timetable for securitization may be completed by the team before the end of this month. …