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 29, 2005

What Do You Think? Make your voice heard!

I thought it would be interesting for all of us to get a feel what reader sentiments are at this point. So, I urge you to make your voice heard and answer this poll question:









Based on what you have read on my Blog, do you believe that the FIE has influenced the BSP's policies on 3rd Party Custody?
Yes
No


  

Free polls from Pollhost.com

28 Comments:

Anonymous Anonymous said...

This is a nice survey. I hope all market participants actually voice out their opinions through this poll. I'll give everyone three guesses as to who those three who voted "no" are. Fi FIE Fo Fum!

9:15 AM

 
Anonymous Anonymous said...

Now there are four people that have voted no...

At least we know that there are four people in the FIE that read this blog...

Hi Guys/Gals!!! Read and learn something. Not everything that comes out of the mouth of the "prophet" is gospel truth.

2:52 PM

 
Anonymous Anonymous said...

Now there are four people that have voted no...

At least we know that there are four people in the FIE that read this blog...

Hi Guys/Gals!!! Read and learn something. Not everything that comes out of the mouth of the "prophet" is gospel truth.

2:53 PM

 
Anonymous Anonymous said...

Let us count the suspects:

1. **ng
2. **ng
3. **y
4. **no

Uy! Apat nga!

3:45 PM

 
Anonymous Anonymous said...

The governor's speech says it all...how ironic!

LADIES AND GENTLEMEN, GOOD MORNING.
I AM PLEASED THAT THE PROPONENTS OF THE FIXED INCOME EXCHANGE PROJECT CHOSE THIS BEAUTIFUL EASTER MONDAY
MORNING TO FINALLY LAUNCH THEIR INTER-DEALER TRADING PLATFORM TO MAKE OPERATIONAL THE SECONDARY GS TRADING AMONG BANKS.

EASTER REPRESENTS HOPE AND BEAUTIFUL BEGINNINGS. I CONGRATULATE THE MEN AND WOMEN BEHIND THIS PROJECT WHO LABORED TENACIOUSLY OVER THE YEARS DESPITE THE ODDS – WITH THEIR
HEARTS AND MINDS BOUND ONLY BY A COMMON CONVICTION TO LAY THE GROUNDWORK OF A MUCH-NEEDED FINANCIAL MARKET INFRASTRUCTURE IN THE COUNTRY. THIS LAUNCH IS A BOLD STEP TOWARDS THE DREAM OF FULLY REALIZING THE LINKAGE OF A SERIES OF STRUCTURAL REFORMS,UNDERTAKEN BY MARKET STAKEHOLDERS, WHICH ARE AIMED AT ACHIEVING A COHESIVE AND
STRAIGHT-THROUGH SECURITIES TRANSACTION FROM TRADING TO CUSTODY. I AM AWARE THAT THIS PROJECT SPANNED THREE BSP GOVERNORSHIP TERMS AND I
WOULD BE SO DELIGHTED TO SEE THE FULL REALIZATION DURING MY TIME. INDEED, THE VISION OF THE EXCHANGE TO PROVIDE TRANSPARENCY AND PRICE DISCOVERY FOR FIXED INCOME SECURITIES TRADING IS ADMIRABLE AS
IT PROVIDES A CRITICAL BUILDING BLOCK TOWARDS CAPITAL MARKET DEVELOPMENT. IMMEDIATELY FOR THE DEALER-BANKS, IT WILL GIVE THEM
INSTANTANEOUS ABILITY TO SCAN FOR THE BEST PRICES IN THE MARKET TO
BETTER MANAGE POSITIONS, RISKS AND YIELDS. AND IF THE PROJECTED
EXPANSION FOR THE INCLUSION OF RETAIL INVESTORS WILL PUSH THROUGH IN JULY, THEN THESE BENEFITS WILL SPREAD TO THE GENERAL INVESTING PUBLIC. ALL OF THESE AUGUR WELL FOR THE GOVERNMENT AND THE COUNTRY AS A WHOLE.

FURTHER, IF THE EXPANSION TO RETAIL INVESTORS WILL BE DONE IN
TANDEM WITH THE INSTITUTIONALIZATION OF THIRD
PARTY CUSTODY SYSTEMS, THEN OUR CONVERGING MISSIONS OF PROMOTING
INVESTOR PROTECTION, EMPOWERMENT AND EMANCIPATION WOULD THEN SEE THE
LIGHT OF DAY.

WE ALL KNOW THAT TRANSPARENCY IN OUR TRANSACTIONS WILL RESULT IN GREATER MARKET DISCIPLINE.IN TURN,
THIS WILL PROMOTE THE INTEGRITY OF AND CONFIDENCE IN OUR FINANCIAL
MARKET. WHEN THAT LEVEL OF INTEGRITY IS REACHED, WE CAN EXPECT TO GAIN THE RESPECT OF LARGE INSTITUTIONAL FOREIGN FUNDS THAT CAN SPARK THE DOMESTIC CAPITAL MARKET.WE ENCOURAGE EVERYONE TO SUPPORT THIS COMMON INITIATIVE OF MARKET PLAYERS IN THEIR NOBLE AIM TO ALIGN OUR STRUCTURES, STANDARDS AND PRACTICES WITH GLOBAL BEST. WE ARE ALL AWARE THAT THE PROJECT IS NOT YET WHOLE – AS THE
NEEDED CONNECTIVITY OF THE PDS GATEWAY TO THE REGISTRY OF SCRIPLESS
SECURITIES RUN BY THE BUREAU OF THE TREASURY – HAS NOT YET BEEN
GRANTED. THIS WOULD HAVE GIVEN THEM THE ABILITY TO SETTLE
SECURITIES ON REAL TIME. BUT WE HOPE THAT,IN TIME, THE ISSUES OF
THE DAY WILL BE UNDERSTOOD, SETTLED AND APPRECIATED OVER AND ABOVE INDIVIDUAL INTERESTS FOR THE BENEFIT OF THE GREATER NUMBER. WE HOPE, FURTHER, THAT ONE DAY WE CAN JUST LOOK BACK A BIT WISER THAT WE OPTED TO LEAVE THE COMFORTABLE STATUS QUO TO BOLDLY EMBRACE NEEDED
REFORMS.

4:27 PM

 
Anonymous Anonymous said...

All in caps... the governor must have been shouting... as usual...

The speech shows that the financial coup d'etat of the BSP-PDS Group was a private discussion between people whose nicknames end with "ng".

I am an investor in this market. I do not recall asking either of the "ng's" to protect me by forcing me to deliver my investments to another party so that the one of them can trumpet himself as the reforms governor and the other can turn my misery with the regulation into a business.

Perhaps we can attribute the haphazard implementation to the fact that everything needs to be done by June.

During the years of fascist Italy, it was against the law for public utitilies to be inefficient. Yet inspite of the efficiency they executed Mussolini.

Sic semper tyrannis!!!

These reforms may or may not prove sucessful only time will tell. What will last through history is that they were implemented in a sick twisted way that shames even the worse of the fascists.

5:11 PM

 
Anonymous Anonymous said...

Reading what was said by the Governor makes me sick. It sounded really good but it was the farthest from the truth, too!
They say the worst sin is not indifference but HYPOCRISY! Here we have the best example of how a hypocrite should speak.
Thanks, Governor, but NO THANKS. I wonder how you can keep that solemn look despite the sinister motive behind them? It takes practice, I believe. Citibank must have given you the much needed practice.

5:19 PM

 
Anonymous Anonymous said...

ma'am nina,

what happened to this case? is the senate still going to pursue this? or is it just a case of our senators grabbing the headlines and walking away?

or nabayaran na ang lahat kaya tumahimik na....

10:09 AM

 
Anonymous the Joker said...

Hi Nina,

I am also wondering what happened to our Senate. They need to look into everything that has been done and figure out what are these financial reforms really worth?

We have on the one hand a slough of inadequate legislation and impractical regulation that are incapable of sustaining a viable commercial environment. The direction of recent fiscal policy provides us with the spectre of new and exciting tax legislation guaranteed to stiffle what little business can thrive in order to sustain socialized programs that we can ill-afford.

We have, thanks to the efforts of the fixed income exchange proponents, a very expensive infrastructure developed in a manner completely out of touch with the the broad market that aims to implement global standards that, though arguably or admittedly the best practice, are neither recognized nor permitted by our local laws. To remedy the situation, the central bank takes the law upon itself and legislates to fill the gaps where the law is silent.

What we need of these financial reforms is the development of financial markets that can sustain business to generate income that reduces the national debt. What we have from the concerted reforms programs is a system that is not only incapable of working due to internal issues (like mandatory third party custody) but one that is so costly for us investors that it mortgages our futures and the futures of those that follow us into this country for the convenience of today.

We have some very serious problems that need equally serious solutions and we should not leave the resolution of these problems to people that have an interest in either establishing their personal legacies, promoting their own businesses or securing to themselves prosperity that ought to belong to the Filipino people in general.

11:04 AM

 
Anonymous Anonymous said...

The 7 who voted no are:
**ng
**ng
**no
**y
****ie
****nor
**na

3:07 PM

 
Anonymous Anonymous said...

Basta, mahigup sana ng tsunami yung Jaguar...

5:32 PM

 
Anonymous Anonymous said...

Riddle me this:

CIRCULAR NO. 481
Series of 2005

Pursuant to Monetary Board Resolution No. 227, dated 17 February 2005, implementation of the P650 million minimum capital requirement for non-bank financial institutions authorized to engage in quasi-banking functions under Circular No. 459 is deferred until policy guidelines are adopted, in accordance with the study/discussion being conducted by the Supervisory Policy Development and Data Center.

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA
Governor


Is there a certain NBQB engaged in "fiduciary activities" that may not meet capital requirements?

12:17 PM

 
Anonymous Anonymous said...

Query to the above poster..
Maybe **TC??

12:40 PM

 
Anonymous Anonymous said...

oh i got it!...its DPTC! do i get a prize for the right answer? game na!

10:23 AM

 
Anonymous Anonymous said...

Answer mo muna yung bonus question:

Does DPTC stand for

- Depository na Pakana ni T*** C*******?
- Deceitful Proponents of Third-party Custody?
- Damuhong may Pakana ng Third-party Custody
- Any of the above

11:59 AM

 
Anonymous Anonymous said...

Depository na Pakana ni **ng ******lo is the korek answer; teka, teka, DPTC?? baligtad yata, di ba PDTC (PAKANA na DEPOSITORY ni **NG ******LO) - bingo! Nakuha ko rin.

1:49 PM

 
Blogger donj said...

my understanding of the fie is that bid/ask spread of the securities will narrow. but the profit that used to go to dealer banks under otc will just be transferred to the custodians. the investors' situation will remain the same except for the added protection. can the treasury bureau and the fie/bsp find a mutually workable system without the custodian rule?

8:47 PM

 
Anonymous Anonymous said...

We should make a new survey here to augment this one. The survey should read: "Should the FIE/PDTC people come out with their compensations packages in the interest of transparency as this is what the FIE/PDTC is supposedly all about?"

Nina, kindly consider this suggestion.

10:24 AM

 
Anonymous Anonymous said...

Di nga daw Jaguar eh! Audi TT nga daw ang kotse ni **ng ******lo. sobra na talagang misinformation dito. Grabeh!

Pero ok ang tsunami suggestion mo, lalu na kung nasa loob sin **ng ******lo.

10:27 AM

 
Anonymous Anonymous said...

Hey, that is a good suggestion. We should really find out if the FIE and the PDTC people are willing to divulge their compensation packages. As long as they have nothing to hide, there is nothing controversial with what they will divulge right?

Go for it, let's have another sruvey on this. I already vote "YES".

1:48 PM

 
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