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BSP Supports Second Phase of the Asian Bond Fund Initiative

04.15.2004

The Bangko Sentral ng Pilipinas (BSP), together with ten (10) central banks and monetary authorities in the East Asia and Pacific Region comprising the EMEAP (Executives’ Meeting of East Asia and Pacific Central Banks), fully supports the development of the second phase of the Asian Bond Fund Initiative, or ABF2. ABF2 is intended to invest in local currency-denominated bonds issued by sovereign and quasi-sovereign issuers in EMEAP economies. The ABF2 follows from the successful launch of the first phase of the ABF initiative or ABF1 in June 2003. The ABF1 is now fully invested in US dollar-denominated bonds originating from EMEAP economies.

The ABF initiative is an important regional cooperation with the objective of promoting the development of bond markets in the region. The BSP believes that the impact of the ABF2 in further developing the Philippine domestic bond market would be significant. The EMEAP group continues to consult with market practitioners on the design and structure of the ABF2, cognizant of the need to limit the size of the total investment, so that it would not result in crowding out private sector investors. The BSP will keep the markets and the public informed of future progress of this initiative.

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