News & Views (September 2015)

• 09/09/15

  APEC Finance Officials Finalize Cebu Action Plan with Robust Private Sector Participation

  APEC Finance Officials Finalize Cebu Action Plan with Robust Private Sector Participation
  Over 100 CEOs and senior financial executives fly to Mactan to discuss regional roadmap 

  MACTAN, CEBU, PHILIPPINES — Over 100 financial industry players, including chief executive officers of multinational investment banks, gather here to join discussion on the Cebu Action Plan (CAP).

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• 08/09/15

  Roadmap for Resilient and Inclusive Asia-Pacific Readied in Cebu

  Roadmap for Resilient and Inclusive Asia-Pacific Readied in Cebu
  PH-proposed Cebu Action Plan to be formally launched Friday 
  
  
  

  MACTAN, CEBU, PHILIPPINES — Senior officials from the 21 member economies of the Asia Pacific Economic Cooperation (APEC) gather here for the final drafting of the Cebu Action Plan (CAP) before its formal launch on Friday.

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• 08/09/15

  APEC Finance Ministers Process Flies to Cebu

  APEC Finance Ministers Process Flies to Cebu
  Meetings from 9-11 September feature close engagement with private sector

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• 08/09/15

  Republic of the Philippines Executes Domestic Liability Management Exercise

  Republic of the Philippines Executes Domestic Liability Management Exercise

  Purisima: Overwhelming market response a show of strength and stability

  Manila, 8 September 2015– The Republic of the Philippines (the “Republic”) announced today the results of its most recent domestic liability management transaction. The transaction saw a tremendous response from the market with total tenders of eligible bonds amounting to PHP388 billion – about PHP134 billion for the benchmark bonds due 2025 (“2025 bonds”), and over PHP254 billion for the benchmark bonds due 2040 (“2040 bonds”) while submissions for new subscription offers for the 2025 bonds reached approximately PHP21 billion. This represents an oversubscription of at least 3.88x for the total transaction over the indicated minimum issue size of PHP50 billion per tranche.

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• 08/09/15

  PDIC Files Syndicated Estafa Against Former LBC Bank Execs

  PDIC Files Syndicated Estafa Against Former LBC Bank Execs

  The Philippine Deposit Insurance Corporation (PDIC) filed with the Department of Justice charges of syndicated estafa against 11 former Directors, officers and employees of the closed LBC Development Bank (LBC Bank) as well as two employees of LBC Development Corporation, an LBC Affiliate that is also a stockholder of LBC Bank, for misappropriating P60 million in LBC Bank’s funds generated from the public by way of deposits.

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