Securitization Pegged at $500 M of Gas Income

By Velasco, Myrna M. | Manila Bulletin, October 17, 2001 | Go to article overview

Securitization Pegged at $500 M of Gas Income


Velasco, Myrna M., Manila Bulletin


The government has decided to just limit to $500 million the chunk of revenues from the Malampaya natural gas project that would be securitized between the first and second quarters next year.

Energy Secretary Vincent S. Perez said the four-man committee created to draw up guidelines for the securitization is eyeing to shortlist by November or December the investment banks which would be tendering attractive offers.

The energy chief bared they would adopt a two-pronged approach for the securitization. These are: a) to minimize the amount of revenues to be securitized and get the proceeds with the lowest rate of return; and b) the securitization has to be considered a sale not repayable by government.

He said the terms of reference (TOR) would be finalized in the next few weeks as this would be sent out to investment banks along with the request for proposals.

President Gloria Macapagal Arroyo earlier said the total revenues to be generated by the government from the project would reached up to $13 billion, through a 60-40 royalty sharing scheme with the project developer, Shell Philippines Exploration B.V. (SPEX).

With the proposed securitization, the national government would have a way to monetize in advance its revenues from the Malampaya project, which it could use to plug budget gap or repay outstanding obligations. …

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Securitization Pegged at $500 M of Gas Income
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