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.

Tuesday, March 01, 2005

A message to the posters of my blog

To all the readers and participants of my blog,

There is an anonymous comment on the BusinessWorld Article I posted today regarding the resume of my successor. There is definitely, on the one hand, a public interest issue at stake in terms of getting to know who our government officials are and their qualifications for having gotten the job. Definitely, that is what a proper due diligence process is for.

However, at the same time, as I have experienced for myself, reputations CAN be subjected to a demolition job. As such, I urge that the postings be based on facts or on the basis of well researched opinion.

At least, I am certain that the information offered can be verified and corrected by officials at the named institution.easily enough.

I would like to remind all of you that I initiated this discussion in order to focus on the facts and issues and to have a free and lively discussion on how we can all create a vibrant capital market.

I will continue to post my opinions, thoughts and research.

For all of you who have sent their support, thank you very much!



Anonymous Anonymous said...

Good afternoon. I think there are a lot of Treasury people who feel that the market is unjustly being forced to use the FIE platform. I say unjustly because the present system brings no additional value to the market. It is also very much more expensive. On this issue, the Presidents of the banks should be made aware that the FIE inaccurately represented the trading room costings to the BAP Board. The FIE made an assumption that all other info/trading systems will be forsaken in favor of the FIE platform. This is unrealistic and myopic. The FIE also showed the total cost of its system, with ALL features, at USD 1,000/mo. It did not mention the unjustified transaction costs which balloon trading costs. And what are we getting - just a simple trading platform with no additional value. Not even straight-processing to the ROSS. And what about the onerous subscription contract??!!
The market, despite the above, I think, would like to give the FIE a chance. But just set the proper costs for what we are getting and give fair terms. Think you should advise your President's also that the "subsidies" we make will not go to the BAP alone, but to the other free-loading investors - at the bank's expense. Time to speak up. Not too late.

4:03 PM

Anonymous Anonymous said...

I think its time to set aside personal interests here and really just pursue reforms that are needed by the market. At a time when everybody is trying to cut costs (specially the government!), we should all wisen up. If status quo works efficiently, then why change it? Banks may have already invested in the FIE because of various misrepresentations but it is not too late. The cost of writing it off now may prove to be less than what they (and the country) will incur in the future.

Who are they fooling? Now they're asking for additional P50M capital. Where did the P450M go anyway?!? Can someone do an audit? Please?

4:17 PM

Anonymous Anonymous said...

i agree with the first post that there is nothing wrong per se with the underlying mission/vision of the FIE. i honestly believe that when the FIE was put together, the goal was to create a vibrant and efficient means to trade fixed income securities versus the telephone trading and faxed COS/COP clearing.

however, the business model of the exchange, in my opinion, was not well thought out and is not sensitive to the banks who will participate nor to the end investors that will ineveitably shoulder the costs of intermediation.

i feel that we as an industry owe it to ourselves to find a solution to what has become a real mess. the people in charge of the project have only managed to pick fights with fellow bankers and friends we have in government. it took several years to implement and all the FIE managers have to show is a bunch of studies, a lot of fancy car plans and not much by way of meeting the objectives of all its constituents.

surely we gentlemen of the industry should know better. it is not too late to address the situation. this experience is refreshing, after all, not all of us have loud voices. the silent majority's opinion will eventually be heard. i hope for the day when we can do away with the anonymity and give an honest stand as an industry.

8:41 PM

Anonymous Anonymous said...

To all the people in the banking industry...

SPEAK OUT...maawa kayo sa mga investors ng treasury bills and treasury bonds. maawa kayo sa mga Pilipino...Huwag nyong pabayaan ang Bureau of the Treasury sa pakikipaglaban na ibasura ang 3rd party custodianship rule at fixed income exchange. Huwag kayong manahimik...huwag kayong matakot...this is your chance na maipakita nyo na kayo'y Filipino at mahal nyo ang bansang Pilipinas. I challenge you people...Huwag nyo lang ibulong ang opinion nyo...alam na alam nyo ang issue at ang magiging epekto nito sa bansa...walang mangyayari kung MANANAHIMIK LANG KAYO DIYAN...maawa kayo sa mga tao...MAKONSENSIYA NAMAN KAYO...

8:03 AM

Anonymous matanglawin said...

Maraming salamat Kabayang Nina sa pagbibigay ng 'forum' para sa malayang pagtatalakayan ng mga usaping nauukol sa mas malawakang pakikibahagi ng mga mamamayan sa government securities.

6:00 PM


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