Position paper of IHAP expressing concens over BSP Circular 
posted by Nina at 7:17 PM
Thursday, February 24, 2005
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2 Comments:
May 2, 2005
Dear Ms. Nina,
This website of yours is informative at the same time causing a lot of tounges to wag. Actually, I am an investor and I'm concern on this capital market reform personnaly and for the financial industry as well.
I have a investment bought in one of the banks here in Metro Manila, the heading of the CP reflect the name of the Philippine Government this 3 year security is to mature this June 2005.
I have several question:
1)Is there an effect on my part if I do not engaged a third party custodian? aside from the fact that banks who are dealers will not sell me if I do not choose a custodian bank because they will be penalized, is that right?
2)Accordng to the circular I can choose "ROSS" the one already in the system of BTR. Will I pay for custodianship in case I choose "Ross".
3)I have a first hand information that to be able to register to Ross individually, I have to pay a big amount which the custodian bank can provide without me paying a huge amount if I'm only investing a small amount to be borrowed by the government.
4)Isn't the choice for an investor to engaged a custodian bank base on the circular is not actually a choice?
5)the BSP has a point especially on the monitoring purposes of the supervisory department especially on the accounting aspect of the banks under supervision. Is the former system with BTR not enough to provide BSP of information in tracking undocumented transactions?
For further clarification of the issue, my classmates and I would like to request for you to grant us an interview for our policy formulation paper regarding "Third party Custodianship". We want first hand information of your side regarding the details of the issue.
We will also interview the former BTR Treasurer who give the comments regarding the "Ross" to get all side of the coins.
We cannot actually give the final recommendation of our paper for there are still issues to be resolved. By the way our presentation will be on Friday, March 5, 2005 inside the compound of your former office.
Can we make an appointment, tomorrow or Wednesday at the latest. Please text us at this no. (0916)7570036 Lydia & 09197580802 (angelica).
We hope you will give us the opportunity to have this interview. The paper that we are going to submit will be housed in the school library of our Masteral Class (MPA)for future reference of other students. thank you and good day!
You can also contact us at
524-70-11 loc. 2716 c/o Dolly. Thanks a lot!
6:36 PM
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