De Venecia Pushes Asset Securitization
Loyola, James A., Manila Bulletin
Speaker Jose De Venecia is batting for the passage of several bills seeking the securitization of idle government assets and the creation of a special purpose vehicle for the management of nonperforming assets of commercial banks.
Speaking before the members of the Philippine Stock Exchange (PSE) yesterday, De Venecia said these measures are aimed at injecting financial liquidity into the cash-strapped economy.
De Venecia said the government can raise some $2.8 billion, from the securitization of idle assets, which may be used as counterpart funds for official development assistance which will finance infrastructure projects for agriculture and industry.
"Securitization should encompass Clark, Subic, Mactan and other Special Economic Zones," De Venecia said adding that "fully $10 billion in ODA will become available if we raise $2.5 billion in counterpart funds."
He said government can easily raise $1 billion from the securitization of a portion of its $10 billion stake in the Malampaya gas find expressing confidence that the securities can be sold within 90 days from their launching. …