According to ADB Technical Assistance Report, the finance sector strategy of the Government of the Philippines is anchored in the Philippine Development Plan, 2011–2016. Reforms are to deepen the financial system through the balanced development of banking and capital markets. To achieve these objectives, the government adopted a revised capital market development blueprint for 2011–2016. This blueprint includes a wide range of initiatives including sequenced steps to increase liquidity in the government bond market including the creation of market makers and the launch of an interdealer repo market with a master agreement. To complement these activities, the blueprint identifies efforts to strengthen the clearing and settlement system, including a more definitive framework for close-out netting. The TA is consistent with ADB’s country partnership strategy, 2011–2016 for the Philippines and efforts to strengthen governance and reduce corruption through legal and regulatory reforms in budget execution and reporting.
The TA impact will be more cost-effective utilization of the government’s fiscal resources. The impact will be brought about through a culmination of reforms leading to a reduction in the relative cost of issuing and administering government debt and in turn, increasing the fiscal resources available to alternative and higher priority uses. The outcome will be enhanced efficiency of primary and secondary government debt markets.
Project Officer: Schuster, Stephen R.
Southeast Asia Department
No contact information provided at the time of disclosure.
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