Gov’t urges merger of PSE, bond exchange

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The government is encouraging the merger of the Philippine Stock Exchange (PSE) and the Philippine Dealing and Exchange Corp. (PDEX) as such a move will create a stronger and more attractive securities market in the country.

Finance Secretary Cesar Purisima said a merger of the two markets within the term of President Aquino would complement ongoing efforts to sustain the favorable performance of the Philippine economy.

“We are encouraging the PSE and PDEx, if it is in their interest, to consider merging. The Philippine market is growing rapidly, but it is still not big enough to have two markets,” Purisima said in a speech during the launch of the “Asian Bond Monitor,” a quarterly publication of the Asian Development Bank.

“We would like to see that during the term of President Aquino,” he added. However, Purisima noted that the government could only persuade the PSE and PDEx since these were private-sector run entities.

He said that with only one exchange for equities and fixed-income securities, trade volumes could be bigger and the cost of further developing their infrastructure would be much less.

Governance of the securities market should also improve with a merger, he said.

Purisima said the government wanted to see more corporations in the Philippines tapping the bond market for their funding needs rather than heavily relying on bank loans.

Currently, 87 percent of the outstanding bonds issued in the Philippines were accounted for by government securities and only 13 percent were corporate bonds. Although the volume of corporate bond issuance grew last year, the finance chief said there was room to sustain a faster pace of growth.

Data from the Asian Development Bank showed that there were $13 billion in outstanding corporate bonds in the Philippines at the end of 2012, up 30 percent from $10 billion in the previous year.

“We like to see more of the Top 5,000 corporations in the Philippines to access the bond market,” Purisima said.

Purisima, who also sits in the policy-making Monetary Board of the Bangko Sentral ng Pilipinas, said an increased dependence on the bond market and less on the banking sector has its benefits.

“We don’t want our banks to be saddled with NPL [non-performing loans] and create risk for the banking system. That is why it is important for the bond market to grow,” Purisima said.

Meantime, the positive outlook on the Philippine economy has also pushed the stock market to grow, with the Philippine Stock Exchange index (PSEi) registering several record highs early in the year.

Purisima said the country’s capital markets would further develop if the two exchanges were to merge. Michelle V. Remo

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  • Hellomr

    The pdex has huge salary. The excecitive of the pdex will siphone the money…

  • http://profile.yahoo.com/SPLUBLEOSERDBOIJTDOC6XIWGU mxsclxmxn

    The Lying and Deception begins with the “G”

    Ex-33 degree Mason Jim Shaw says; “The Blue Lodge Mason is taught that the “G” in the basic Masonic symbol represents God. Later on, he is told that it represents “deity”. Later still, he is told that it represents “geometry”.

    In reality, this letter represents the “generative principle,” the Sun-god and, thus, the worshipped phallus, the male “generative principle…” In its position (along with the square and compass) on the east wall over the chair (throne) of the Worshipful Master, it is the representation of the Sun, thus of the Sun-god, Osiris. Its earthly meaning, then, is of the sacred phallus; its cosmic meaning is of the Sun, worshipped since antiquity by pagans while facing the East. Reference, book: The Deadly Deception”, page 144.

    Freemasonry is one of many apostate religions dedicated to the destruction of traditional Judaism and Christianity. Those who aspire to grow in their closeness to Jesus Christ, and to increase their discernment in these days, would do well to stay very clear of Freemasonry. Are your loyalties with Jesus Christ or are they with the lodge? Both are diametrically opposed to one another as you will see below.

  • http://profile.yahoo.com/SPLUBLEOSERDBOIJTDOC6XIWGU mxsclxmxn

    Conspiracy with Banko Sentral ng Philipinas!

    Masons repeatedly are directed to the “Mystery Religion” and the time man found God in nature. Almost none of Masonry’s teachings come from Christianity. This ‘mystery religion’ Masons have joined originated from pagans in ancient Egypt, Chaldea, and in China. The Mystery Religion, Freemasonry and all ‘ancient’ secret societies have one thing in common. They string you along, just to finally tell you that there is no God; and you are a god, because you follow their teachings, which are:
    Relax. Be greedy. Be selfish – if these help you get ahead. Win at any cost. Enjoy your expensive Freemason diamond ring and other symbols, pay your hefty dues on time, and follow the Masonic – path. And you too will be successful – because there is no Hell, and no higher authority other than Lucifer; who is misunderstood.

    Once Masons progress to the higher degrees and they finally believe the ‘Masonic lie”; and they will ‘understand’ that the Grand Architect of the Universe is not the God of the Old or New Testaments, but instead is the perfect dues paying Mason in good standing, who like the statue example above, they chipped away at, and finally shed needless ‘layers’ from both their old useless religion, and from loyalties outside of Masonry, which all along were what concealed them from their own personal true image, as the one and only real God.

  • http://profile.yahoo.com/SPLUBLEOSERDBOIJTDOC6XIWGU mxsclxmxn

    It is here in the Philippines!

    BSP Grand Conspiracy with Free Masonry now in Philippine Bill!

    Satan’s Synagogue as per Pope Clement XII year 1738

    In the P100 BILL series 2012 Serial # ZK188477 has a logo of the Grand Lodge of Free and Accepted Masons. Freemasonry has its goal of destroying Christendom and replacing it with man-centered government and Satanic religion filled with errors.

    How can this logo of a satanic group be allowed to print in the monetary instrument of the country with the constitution believing in a God asking for HIS Divine Providence?

    In Freemasonry the god of the secret societies is covertly substituted for the One True God. This false god is identified in the Masonic lodges as “the Great Architect.”

    Since Freemasonry has attempted so strenuously to claim that they are just a “good ole boy” fraternity that does good works and has a good time, most people will be shocked to learn the bitter truth behind that facade. Freemasonry certainly isn’t “free”. It could cost you your soul.

    Once Masons progress to the higher degrees and they finally believe the ‘Masonic lie”; and they will ‘understand’ that the Grand Architect of the Universe is not the God of the Old or New Testaments, but instead is the perfect dues paying Mason in good standing, who like the statue example above, they chipped away at, and finally shed needless ‘layers’ from both their old useless religion, and from loyalties outside of Masonry, which all along were what concealed them from their own personal true image, as the one and only real God.

    Freemasonry is one of many apostate religions dedicated to the destruction of traditional Judaism and Christianity. Those who aspire to grow in their closeness to Jesus Christ, and to increase their discernment in these days, would do well to stay very clear of Freemasonry. Are your loyalties with Jesus Christ or are they with the lodge? Both are diametrically opposed to one another as you will see below.

    Masons have mixed idolatry, paganism, the occult, Gnosticism, Kabala, fertility cults, Satanism, spiritualism, demonology, and put it into a blender and come up with the Masonic religion. It is not of God! It is a false religion; the Harlot of Babylon. Masons say they offer new candidates “the light”. The light they are actually giving is: Lucifer. The Christian Bible says that Satan walks to and fro on this earth masquerading as an “angel of light”, that many might be deceived.

    An insidious byproduct of Freemasonry is to keep husbands and wives out of churches & away from their children and their homes…

    Satan does not need to receive worship to achieve his goals. All he has to do is to keep a man from following Jesus. Satan knows that anyone who does not follow in the teachings of Jesus does not have God. (2 John 9)

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