Transparency: a Pillar of Governance

Starting July, I shall begin presenting the accounts that are part of the cash program of the government and open discussion on select items or activities that underlie these accounts . For easy reference of the readers, these data are found in the Bureau of the Treasury's statistical series published in BTr's website. It is hoped that with this forum, we can learn and start to pitch in in the country's efforts at addressing the debt problem .It can also serve to surface structural practices or deficiencies that may be reviewed/amended or ,possibly, eliminated.

In the interest of...........

Reproduction of BAP's May 16, 2005 letter to all Member Banks



May 16, 2005

TO: ALL MEMBER BANKS

Re: Ownership of the MART1 and MRTN Data

This is to inform you that the BAP BOARD at its meeting on May 12, 2005 adopted the following resolution pertaining to the ownership of the MART1 benchmark and who has the right to dispose of it.

RESOLUTION NO. 2005-09

RESOLVED that the BAP Board has determined
that the data comprising the MART1 belongs to
BAP member banks through the BAP, therefore
the BAP has the right to dispose of these data
in whatever manner it deems appropriate in the
interest of public information and transparency.

The foregoing resolution has been adopted to respond to the concern of a few banks which has premised its signing of the PDEx subscription agreement on the resolution of this issue. Appropriate BAP committeess will recommend to the Board how to address potential issues that may arise in determining future interest rate benchmarks and how they will be disseminated.

The Board reiterates its earlier position through BAP BOARD Resolution No. 2005-08 that all member banks submit their subscription agreement with PDEX immediately.

Please be guided accordingly. Thank you.


L.G. CORONEL
Executive Director