Philippines and Japanese key Officials will meet in Tokyo to Discussed Samurai Bond Offering and Infra Investments
Philippines-Japan | THE country’s economic managers and other key government officials will be leaving for Tokyo today for the Philippines-Japan meeting and to pitch a planned samurai bond offering and infrastructure projects to Japanese investors.
The June 18-21 visit will include a Philippine Economic Briefing (PEB) and the fifth regular meeting of the Philippines-Japan High-Level Committee on Infrastructure and Economic Cooperation, the Finance department said on Sunday.
The delegation, which will be led by Finance Secretary Carlos Dominguez 3rd, includes Executive Secretary Salvador Medialdea; Socioeconomic Planning Secretary Ernesto Pernia, Budget Secretary Benjamin Diokno, Transportation Secretary Arthur Tugade, Public Works Secretary Mark Villar, Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr., and Bases Conversion and Development Authority President Vivencio Dizon.
All officials will be present during the PEB scheduled on June 19, which Dominguez said would “set the groundwork” for a samurai bond roadshow.
The Finance chief said he would be meeting with Mitsubishi UFJ Financial, Nomura, Mizuho, Daiwa, and Sumitomo Mitsui Banking officials to discuss the Philippines’ plan to offer samurai bonds by the third or fourth quarter of 2018.
Philippines-Japan Samurai Bonds
The Philippines last sold samurai bonds — yen-denominated securities that are issued by non-Japanese entities in Tokyo — in 2010, raising ¥100 billion or $1.1 billion that was used to help plug a budget deficit.
The 10-year bonds, sold via private placement, carried a coupon of 2.32 percent and was the country’s first yen bond sale in nine years.
Proceeds from the planned offering, Dominguez has said, would be used to finance the development of the government’s Nampeidai property in Tokyo.
Dominguez will also hold a separate meeting with officials of the Japan Bank for International Cooperation to discuss possible areas of cooperation, the Finance department said.
During the bilateral committee meeting on June 20, meanwhile, Philippine officials will discuss developments on “Build Build Build” projects that are being funded by Japan.
The Finance department said significant progress had been made since the joint committee’s first meeting in March 2017.
Earlier this year, the Philippines and Japan signed a ¥104.53-billion loan agreement for the construction of the first phase of the Metro Manila Subway Project, the country’s first-ever underground rail system.
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