BSP to Double Bond Fund Exposures

Manila Bulletin, November 28, 2010 | Go to article overview

BSP to Double Bond Fund Exposures


MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) may raise its bond fund investments from $300 million to $800 million in a bid to allocate strategically the accumulated foreign exchange and increased foreign assets over the past years.This developed as the Treasury Department of the BSP, headed by Governor Amando M. Tetangco Jr., was reviewing various ways to enhance the country's asset portfolio or gross international reserves (GIR) of more than $57 billion.At the close of the third quarter, only $300 million of the $45-billion investable foreign assets were invested in the Asian Bond Fund (ABF), such as the EMEAP (Executives' Meeting of the East Asia-Pacific Central Banks)ABF1 which have exposures in a basket of dollar-denominated bonds issued by sovereigns in Asia, and the so-called ABF2 which the Philippines was also investing in. ABF2 was a Pan Asian bond fund with several single market funds or bond exchange traded indices.Sources privy to discussions said BSP was willing to put in an additional $500 million investments on bonds or securities to diversify portfolio.Sources said under current review include plans to invest $300 million additional funds to existing ABF or the new bond fund to be put up by the Bank for International Settlements, and another $200 million to be placed in inflation-linked bonds or treasury inflation protected securities.Inflation-linked securities were considered attractive, said the same source, because of its low correlation with other traditional asset classes. These bond funds also preserve the real value of capital in the event of inflation.The Switzerland-based BIS, was a forum for all central banks and the organization also provide loans to its members for reserve management. …

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