Philippine housing agency invites proposals for ABS

The National Home Mortgage Finance Corp is looking at securitization as a means to raise funds.

The prospects for the development of securitization in the Philippines look better now than they ever have done. President Gloria Arroyo mentioned the issue in her State of the Nation Address this July, and senior members of Congress and the Department of Finance are currently looking at a draft bill, with a view to passing it into law by the end of the year.

Mortgage loans are one of the asset classes the government is particularly keen to securitize and a number of government housing agencies are believed to be looking into securitization as a new means of raising finance.

One of these is the National Home Mortgage Finance Corp NHMFC, which...

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