Hi! I am Nina Lasala, former Treasurer of the Philppines. This blog is meant to be an open forum for investors, fellow finance professionals, and other interested parties to discuss the state of Philippine Debt Management.

Thursday, March 03, 2005


From Mar. 2.2005 BusinessWorld Article - Bankers need P50M more for fixed income exchange

“…The exchange's shareholders are: BAP with a 38% share; Philippine Stock Exchange, 12.22%; Development Bank of the Philippines; 3.85%; Financial Executives Institute of the Philippines; 3.85%; San Miguel Corp., 5%; Investment Houses Association of the Philippines, 2.53%; Tata Consultancy Services Ltd., 10%; Philippine American Life and General Insurance Co., 5%; Social Security System, 1.92%; and Citigroup, 1.92%. An Australian firm represented by Computershare Technology Services Pty, Ltd. and Computershare Technology Services Philippines, Inc., which has developed and provided the software for the multi-product and multicurrency trading platform, owns another 10%. India's leading information technology firm, Tata Consultancy, was chosen last year to implement a depository, registry, clearing and settlement system for the equities and fixed income securities market….”

Based on the above, I’ve rearranged the data into a more legible table:

Bankers Association of the Philippines 38.00%
Philippine Stock Exchange 12.22%
Tata Consultancy Services Ltd. 10.00%
An Australian Firm (represented by Computershare Technology Services Pty, Ltd. and Computershare Technology Services Philippines Inc. 10.00%
Philippine American Life and General Insurance 5.00%
San Miguel Corporatiion 5.00%
Financial Executives Institute of the Phils. 3.85%
Investment Houses Association of the Philippines 2.53%
Social Security System 1.92%
Citigroup 1.92%
Total 90.44%

I can only total out 90.44%.


Anonymous Anonymous said...

A General Information Sheet obtained from the SEC last year showed the following also as stockholders:

Cesar E.A. Virata
Vicente B. Castillo
Leonilo B. Coronel
Roberto L. Panlilio
Jesus A. Jacinto Jr.

I don't know if this has changed since then. These names appeared when the entity was registered last June 17, 2003.

4:17 PM

Anonymous Anonymous said...

It is customary for corporations to give 1 share each to directors so that they will have a participatory stake in the company, and will not merely sit-in during BoD meetings.

5:56 PM

Anonymous Anonymous said...

Mr. anonymous. Even after i added the total that Nina had and the sum of 1 share for each director, kulang pa rin. Her total plus 1 share each for director would still not complete it. one (1) share will not be equal to 1% would it? Nasaan kaya yung difference? Could some details not have been disclosed here? Hmmm. . . . i wonder. . . .

6:50 PM

Anonymous Anonymous said...

So this is the real reason why Teng Castillo came out in BusinessWorld with this idea for the FIE to raise money via IPO.

In doing so, the FIE will address the concerns raised by the other custodians regarding the crticism that the FIE IS UNDERCAPITALZED and concerns of counterparty credit risk. How convenient, since NONE OF THE BAP BANKS WERE WILLING TO CAPITALIZE THE FIE!

Moreover, the "Principals" who we all know in this moro-moro conversation, will be getting a windfall and cashing out!

These "Principals" of the FIE who we all know will now get a whole lot more than just a fancy car plan (much better than what my employer is giving me by the way) but a generous stock option plan that they can now cash in on. Never mind that they screwed up the implementation of the FIE over the last 4 years (in spite of the fact that their friends in the BSP were SO SUPPORTIVE that they went so far as to re-write the regulations under the guise of "MARKET REFORM" BULLSH**!

For the needs of BAP we should have gotten crossing network infrastructure versus exchange infrastructure. The problem is, the "Principal with the loud voice" feels that "wala pa sa textbook yan!".

Now we are all having to pay for their stupid project management, fancy car plans and now the knowledge that they all have stock options that we paid for.


9:35 PM

Anonymous Anonymous said...

Sa isang pangkaraniwan na mamayan, nakikita ko na ang mga "Pacman" at
"Vampira" ay handa ng sipsipin ang ano pa mang natitirang dugo sa ating bansa.

Mga magalang namin na Senador at Congressman tigilan nyo muna ang awayan. Pakisuri ninyo po itong 3rd party custodian at FIE. MAAWA NA PO KAYO KAY JUAN DELA CRUZ.

9:19 AM

Anonymous Anonymous said...

The owners of PDS Holdings represent the alleged "Pillars" of the Financial Institutions. If they were the pillars, they look and act like the ravaged Parthenon. Or better still, they will ravage the country and leave it in ruins.
I think it is high-time that we stop talking among ourselves and take this matter to a forum that can try to do someting...ANYTHING! It appears no congressman or senator has even asked his/her staff to look into this blogspot. Country-loving radio commentators have repreatedly mentioned the blogspot address. Maybe they are unaware, di nakikinig, or tunay na bingi. Nagbibingi-bingihan? Or, they prefer to evade the issue kasi masyadong malalim (d kaya ng IQ nila)o malaki utang nila sa bangko (d pwedeng taluhin!)
By ANYTHING, it could be as small as printing our own mini-posters for our cars saying "NO to FIE". Maraming magtatanong kung ano ang FIE. This will bring the whole matter to the public. Game?

9:42 AM

Anonymous matanglawin said...

Isa isahin natin ang mga isyu, mukhang nagaphahalu-halo natin eh.

Yung Circular 392, maipapatupad naman yan kahit na wala ang FIE. Isa lamag ang PDTC sa napahintulutan ng BSP na maging 3rd part custodian. Mayroong mga foreign at local banks na pinahintulutan ng BSP na magbigay ng serbisyong ito para sa mamamayan.

Yung FIE, ibang usapan din yan. Layunin nya na mapalaganap ang kalakalan ng mga bonds, commercial papers at iba pang certificates of indebtedness sa isang organisadong paraan. Hindi maipagkakaila na may 'over the counter' (OTC) o impormal na kalakalan ng mga securities sa kasalukuyang kinalalahukan ng mga bangko, mga companyang nangungutang, ang gobyerno, mga brokers/dealers, at mga mamamayan na bumibili ng securities at mga institutional investors (insurance, retirement, pension, pre-need plans) na bumibili rin ng securities.

Ang FIE na tinatangkang itayo ng PDS ay isa sa mga inisyatiba na organisahin ang merkado.

Hindi ito nangangahulugang sila ang may monopoliya sa pagtatatag ng isang organizadong merkado. Bukas ang BSP at SEC na magbigay ng lisensya sa sinumang organisasyon o corporasyon na may kapabilidad na magpatakbo ng isang organisadong securities exchange na humingi ng pahintulot na magtayo ng isang 'exchange'.

Kung hindi natin gusto ang itinatayong FIE ng PDS, maraming matatalinong Pilipino ang maaring magtayo ng isang exchange ayon sa pangangailangan ng mga nakararami.

Hindi tayo pinipilit na sumanid bsa FIE ng PDS. Mayroong lehitinong OTC market, maaring magtayo ng isa pang securities exchange, maaring idagdag ang fixed income securities sa kasalukuyang Philippine Stock Exchange. Maring tayong alternatibo.

8:01 PM

Anonymous MOVE ON! GET A LIFE said...

This site looks like so much sourgraping to me. Fact of the matter is, everything was done aboveboard by the proponents of FIE. All the paperwork is in order and I am pretty sure that the presentations and necessary BAP board resolutions were approved.

If people did not do their homework tough! If they did not speak up during the deliberations, doubly tough!!

If there were any anomalies, I am sure some congressman or senator would already have taken issue.

Let's just be patient and give FIE a chance. I am pretty sure those guys are right and know what they're doing.

3:21 PM

Anonymous Anonymous said...

Di ko alam kung "sourgraping" ang tawag dito pero alam ko na ang taong bayan ang maghihirap sa ipinagpipilit na 3rd party custodianship ng BSP. Ang mga sakim sa pera lamang ang magsasabi na makakabuti ito sa ating gobyerno at sa ating mamamayan.

Kung talagang gusto nila ang 3rd party custodianship, bakit pa kailangang ibigay sa pribadong kompanya ito. Siguro mas maigi na ibigay ito sa ibang sangay ng gobyerno, o magbuo kaya ng isang sangay, para sa ganoon ay gobyerno pa rin ang kikita at makadagdag ang bilyones na tubo sa pagbabayad sa utang ng gobyerno at hindi ang mga iilan lamang ang makikinabang na mayayaman naman na at sa tingin ko, karamihan sa mga ito ay di nagbabayad ng tamang buwis. Kasakiman lamang ang lahat na ito. Maawa po kayo sa taong-bayan na magpapasan ng lahat ng mga dagdag na utang ng gobyerno.

9:02 PM

Anonymous Anonymous said...

to move on! get a life,

that the BAP board will approve a project without doing their due diligence is one thing. for BAP to impose this pea brained idea on government is another. for BAP and the banking cartel's members who are now in the BSP and MB to influence the ouster of the Treasurer becasue she questioned your methods is unacceptable in any language.

if this blog affects you so much, then why do you people keep on reading it? does the truth hurt you that badly?

look bud, if the FIE was such a great idea, how come it took so long for you to implement it? and how come even your own BAP members are so vocal against it? you guys should just shut the FIE down! mahiya na kayo! you aren't providing any of us banks any value!

10:22 AM

Anonymous matanglawin said...

Sour graping, pag-puna, pag-batikos. Yan ang nakikita ko dito.

Sa ganang akin, ang layunin ni Nina ay magkaroon ng lugar para sa mlayang talakayan sa mga isyu, at, higit sa lahat, makabuo ng mga alternatibo upang ipatupad ang pangangalaga sa kapakanan ng mga mamamayang retail investor.

So, let's all do our homework and stop non-productive and destructive discussions.

Walang mapapatupad kung panay paninira at pagpuna ang mababasa natin dito. 'Ni isa sa mga diskusyon walang iminumungkahing solusyon na maaring ipatupad. Alisin muna natin ang pagyayabang kung sino ang may pinaka-mahusay na sistema, kung sino ang may pinaka-mahusay na ideya. Magtulungan muna tayo.

1:21 PM

Anonymous Anonymous said...

Correct ka dyan Matanglawin.Bilang isang retail investor naghahanap ako ng magandang suggestion sa mga financial "genius" kung paano nila matutulungan ang mga investor na patuloy na maging partner ng government sa pag raise ng funds at hindi madiscourage sa isinusulong na 3rd party at fie. Sayang lang ang mga degree nila sa mga universidad dito sa Pilipinas at USA kung magiging pipi at bingi lang sila. Gumawa naman kayo ng naiiba at makabuluhang mungkahi para sa aming maliliit na investor.

2:14 PM

Anonymous Anonymous said...

Correct ka dyan Matanglawin.Bilang isang retail investor naghahanap ako ng magandang suggestion sa mga financial "genius" kung paano nila matutulungan ang mga investor na patuloy na maging partner ng government sa pag raise ng funds at hindi madiscourage sa isinusulong na 3rd party at fie. Sayang lang ang mga degree nila sa mga universidad dito sa Pilipinas at USA kung magiging pipi at bingi lang sila. Gumawa naman kayo ng naiiba at makabuluhang mungkahi para sa aming maliliit na investor.

2:18 PM

Anonymous the Joker said...

the joker laughs...


That which is done above board is often times properly disseminated to all parties and implemented when copactic to all parties.

That is obviously not the case.

It is the right of every person that participates in this market to review, critique and criticize activities that to them are destructive of their objectives in participating in the market. It is also the obligation of the proponents of this project to both explain and justfy their actions to the satisfaction of the market.

You appear to be familiar with the "paper work" of the Exchange that "legitimizes" all of the activities of the Exchange. We here are finding
out about the activities of this reforms program from this site in piecemeal. I challenge you to produce the paper work that shows that all persons in the market found the implementation to be copacetic. Till then it is in everyones best interest that all concerned persons study and learn.

In the end each person that comes to this site will the better judge after having weighed the merits of each side of the arguement and on that judgement decide whether or not to avail of third-party custody. Yes, I said avail not comply. Indeed you will find that custody is a global phenomenon that is a service to investors not an imposition from the monetary authority. Services may always be declined

It is not the right of the FIE to demand of the market that the market give it a chance. The FIE has no mandate from the Financial Markets to implement reforms. It has a responsibility to implement reforms and there is a profound difference. Conversely it is our not only our right as market participants but our duty to question anything we please to question. For is not custody based on a fiduciary relationship and is not the relationship of trust built on mutual understanding.

4:56 PM

Anonymous dr. feelgood said...

to the third poster,

you raise a curious point. from reading the postings, the PDTC is capitalized at 450 mln. the market for government securities is 1.4 Trillion. talk about coutnerparty risks that BTr will have to take by allowing this entity to connect to RoSS. what will happen if this company goes bankrupt because a rogue trader puts a bum trade (ala Nick Leeson and Barings)on the floor of the FIE? what guarantee facility is in place at the FIE that will remedy the failed trade. This would expose ther BTr to the same fate that the PSE had with BW Resources. To think that the average trades on BW were ONLY 4 Bln a day.(On a side note, Dante Tan got off the hook today so I guess it is Local Cartel 1 - INVESTORS - 0)

to add to that, circular 428 calls for CAMELS ratings for would-be custodians. what is curious is how did PDTC make the grade when Metrobank, Equitable-PCI and other fine local banks couldn't make it? aren't these local banks better capitalized than they are? what is the track record of this company?

the GS market is the only silver lining in the Philippine Capital Market right now. there is no commercial market to speak of since investment banks need a QB license to do this task properly. surprise surprise, the BSP hasn't issued one of those in ages (this animal would actually compete against the time deposits of the banks and the cartel would never allow that. they need to repair their high npl ratios brought about by secret dosri lending. ooops!). though the stock market is booming of late, it will only be a matter of time before the brokers feel lucky enough to go on another BW-like misadventure. so what else can the cartel/trading mafia get their hands on next? oh yeah...Government Securities. the last liquid marketplace in the Philippines. great thinking. we don't need to wait for our senators to do us in with slow tax reforms to kill our country. these banks can do us the favor of killing the country real quick.

the BTr has gotten a lot of praise from multilateral agencies for having the initiative to put up one of the most sophisticated Treasury systems in the world bar none. now the banking cartel wants to take it away from them. that is real sweet. why is it that we pinoys love to destroy everything that works in this country

10:26 PM

Anonymous Anonymous said...


unless you are with the PDEX, here are the facts:

1. People DID do their homework
2. People DID speak up

but if powers are so strong so as to cause the removal of the treasurer herself, what can the bankers do after they have been threatened? Go look at the minutes of the meetings at the BAP... and not just those of the board.

Just like martial law, the real brains in the industry have been silenced...

12:02 AM

Anonymous Anonymous said...

To Mr/Ms move on, get a life!:

Ano ba ang car at stock option plan mo at takot na takot kang malaman ng publiko ang lahat?

Hinahamon ko ang FIE na pumunta sa isang public forum tulad ng senado, payagan ang sarili nilang matanong ng mga senador, pumayag na ma-televise ang usapan, at pumayag na ma-grill sila ni Nina!

4:19 PM

Anonymous Anonymous said...

Just a few questions/comments:

1) In the interest of transparency, can the FIE/PDTC publish their actual compensation packages?

2) If the proponents of the FIE/PDTC were actually non-hypocritical in their objective of serving the market and the players as a whole, I would challenge them to accept a compensation of P1.00 per year.

Can anyone in the FIE/PDTC rise up to this challenge?

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