Bonds could fund Philippines' NPL agency

The Philippine government is looking at a proposal to set up an NPL agency with receipts from bond deals.

The government of the Philippines is considering a proposal to fund the setting up of a non-performing loans agency by issuing around Ps200 billionĀ $4.14 billion in bonds. The idea came from Vitaliano Nanangas, chairman of the Social Security System SSS, the state agency with responsibility for giving protection to private sector workers.

Before the Asian crisis took hold in 1997, the NPL ratio in the Philippines was under 4%. That figure has risen significantly over the...

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