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.

Friday, May 13, 2005

Decrease Revenues and Increase Costs

In yesterday's issue of BusinessWorld, I came accross an article that read,

"The country’s pioneer fixed income exchange wants regulators to ease trading restrictions to make it easier to trade debt securities between private investors and tax-exempt state entities.

Doing so will help improve trading volumes on the Fixed Income Exchange by allowing entities like state pension funds to participate in the secondary bond market, according to Philippine Dealing and Exchange Corp. President Cesar Crisol said.

Present regulations prohibit tax-exempt institutions like the Social Security System and Government Service Insurance System -- both voracious buyers of government bonds -- from trading these debt securities with private firms to prevent abuse of their tax status.

Mr. Crisol, however, believes that easing these restrictions will help boost market activity.

The Department of Finance and the Bureau of Internal Revenue should "look at the tax environment for securities and the exempt institutions so we can create a bigger market," Mr. Crisol stressed."


Anonymous PLARIDEL said...


9:33 AM

Anonymous Anonymous said...


Tama ka dyan. Ganyan talaga ang mga iyan. How selfish can these people be? Puro sarili lang nila ang iniisip. Naghihirap na nga ang bayan eh sarili pa rin ang inaatupag. grabe !!!

9:36 AM

Anonymous ROTWEILLER said...


9:43 AM

Anonymous Anonymous said...

I think we all deserve better than "Just-tiis" reforms, preachers espousing what is best for the financial markets and custodians fabricating new and exciting perceived benefits for investors.

At what point does the reforms program start addressing the interest and tax burdens that siphon profits and penalize the productivity of hard working Filipinos...?

11:43 AM

Blogger Hazel Marie said...

I find it alarming that some people think like this. At the oversight level, we always think about increasing revenues more than increasing cost. As we all know, tax restrictions are not the only thing that can help boost market activity. There are other macroeconomic factors to consider.

10:22 AM

Anonymous Anonymous said...

Mr. Crisol, who are you to tell DoF and BIR what to do? Since when did a private entity became the authority to any government entity?? Hmmm, on second thought, I have an answer, since the BSP adopted the letter sent by Castillo in November posted here by Nina and the very essence of this blog -- 3rd party custodian.

Did Crisol honestly think that the government will forego (potential) revenues so that the girls and guys of PDS can live a posh life? Mr. Purisima and Mr. Parayno, I think you should be thinking twice or more before giving in to this people. Remember your moves - policy directions and actions - are being watched carefully - you're both public servants, we pay taxes unlike those evaders and those with huge tax shields, so we demand of your full service to the GENERAL public and the community and not just to a few -- oh and ofcourse, there's the ombudsman who can act on behalf of the public for any wrong doing committed by any public servant.

Very interesting how PDS package their personal gains at the expense of the government with justification of "reforms" and "capital market developments" and that this so-called reform is what the market demands for...Well, everybody knows, these are YOUR demands, your needs, your salary, your perks that is trying to be addressed here and not the market's.

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