Daiwa offers financing for PH infrastructure

Daiwa Securities Group, a Tokyo-based firm, has offered to help with the “Build, Build, Build” program “in terms of financing.” This is according to the Department of Finance (DOF).

Finance Secretary Carlos G. Dominguez III met with the top executives of Daiwa Securities, led by its chairman Takashi Hibino. The Japanese firm said the bank could help provide financing to further accelerate infrastructure projects. Daiwa Securities also expressed its plan to continue supporting the Philippines’ future yen-denominated bond issuances in the Japanese market.

Infrastructure for a progressive Philippines

Dominguez thanked Daiwa for its “invaluable” assistance, which resulted in the Philippines’ successful return to the Japanese market last August. The return came after an eight-year absence. Hibino, meanwhile, said that Daiwa is ready for the Philippines’ next Samurai bond float. He also advised the government to issue such Samurai bonds at least once a year in order to reach more investors.

The Philippines’ multi-tranche issue, which amounted to JP¥ 154.2 billion, was the largest Samurai transaction in Asia.

Dominguez also noted that the largest high-impact infrastructure project that the government is keen on implementing is the Philippines’ first subway, which is being funded by Japan.

via Manila Bulletin / Chino S. Leyco