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Pushing for an Accelerated Development of the Capital Market

10.21.2004

Bangko Sentral ng Pilipinas Governor Rafael B. Buenaventura, at the Asian Capital Markets Forum of The Asset Magazine, said the country continues to make progress in its efforts to develop the capital market but urged for an accelerated implementation of financial sector reforms to achieve faster economic growth. He said domestic saving rate in the Philippines in 2003 was only 20% of GDP, lower than Singapore’s 46.7%, Malaysia’s 42.9%, Thailand’s 33.1%, Hong Kong’s 31.6% and Indonesia’s 21.5%. He asked government and private sector to work more closely together in pushing for reforms that will lead to a progressive financial system. Daniel Yu, editor-in-chief of Hong Kong-based The Asset Magazine, said continuity and stability are factors astute foreign investors look for when investing in a country. Also present at the forum were Securities and Exchange Commission Chairman Fe B. Barin and representatives from the financial and corporate sectors.

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