BaringsÆ Cuyegkeng is long Philippine bonds

Steven Irvine speaks to top Filipino economist Joey Cuyegkeng about the chronic negative perception of the Philippines among international investors. Cuyegkeng says we need to look at the numbers.

The great debate at the moment is whether the Philippines' debt which is trading more like a single B credit than a BB is great value for a  forward-looking investor, or a case of the market accurately reflecting the state of the Philippines. That is, it is dire and ripe for a downgrade.

One person who has thought long and hard about this is Joey Cuyegkeng, the chief economist of ING Barings in Manila. At these levels, I think its a buy, he says. Indeed, he smiles, At these spreads if I had the money Id put it in these bonds. A recommendation indeed.

To what does Cuyegkeng attribute such value...

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