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BSP OFW Float Bond

katsky · 8 · 3751

katsky

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on: Feb 03, 2012, 11:55 PM

my mom's officemate said that he invested his money on a bsp float bond that gave 14% p.a. upon searching the net, i only found news articles regarding the ofw float bond. dont know if it is the same product. also, the only info i got is that chinabank is offering this. minimum amount is $50k but no info on the p.a. anybody else who has info on this?

thanks in advance for any inputs regarding this matter


DonT

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Reply #1 on: Feb 04, 2012, 07:42 AM
wow..thats a good deal. hope anybody can get more info on this.


vicces

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Reply #2 on: Feb 04, 2012, 07:53 AM
14% p.a. in $$$? anlaki nyun. $7k per year to be exact = P294,000 (@ P42=$1)

makapagtanong nga..


Sheikmaktoum

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Reply #3 on: Feb 04, 2012, 12:08 PM
BSP says OFW bond float to hurt exporters
Additional forex borrowings to strengthen peso

By Michelle Remo
Philippine Daily Inquirer
First Posted 22:06:00 03/01/2010

Filed Under: Economy and Business and Finance, Banking, Trade (general), International (Foreign)Trade, Loan Markets
MANILA, Philippines--The Bangko Sentral ng Pilipinas (BSP) has warned that the plan of the Bureau of the Treasury to issue bonds specifically for overseas Filipino workers could lead to a further appreciation of the peso and, in the process, hurt exporters.

Diwa Guinigundo, deputy governor at the Bangko Sentral ng Pilipinas, said the government had already breached its foreign commercial borrowing program for 2010.

The government was to borrow only $2.5 billion worth of commercial loans from foreign creditors this year, but it has sold $1.5 billion in global bonds in January and $1.1 billion worth of Samurai bonds in February.

The Treasury is again planning to sell bonds specifically meant for OFWs in April.

While the additional borrowing was not inflationary, Guinigundo said the OFW bonds were expected to put additional upward pressure on the peso.

?The drawback of an additional foreign borrowing is its contribution to the appreciation of the peso,? he said, noting that some sectors of the economy were being adversely affected by the rise of the local currency.

The central bank executive said there would be some benefits if the government would instead borrow more from the local market by tapping peso-denominated credit.

?The peso is appreciating. One way to moderate the appreciation of the peso is to change the financing mix [of the government] to favor additional domestic borrowings,? Guinigundo said.

Under the government?s original borrowing program for 2010, it should observe a borrowing mix of 72:28 in favor of domestic borrowings. This means 72 centavos of every peso to be borrowed by the government should come from local sources.

However, this borrowing mix will no longer be observed should the government push through with the sale of the foreign currency-denominated OFW bonds. The government is planning to sell $500 million in dollar-denominated and $100 million in euro-denominated OFW bonds.

A successful sale of $600 million in OFW bonds will change the borrowing mix to 65:35 in favor of peso-denominated financing.

The government has tapped Land Bank of the Philippines, First Metro Investment Corp., BPI Capital, and PNB Capital Investment Corp. as issue managers for the OFW bond issue.

Post Merge: Feb 04, 2012, 12:26 PM
50K usd! wheew!!! as if I have that big amount hehe..
« Last Edit: Feb 04, 2012, 12:26 PM by Sheikmaktoum »


allanmm13

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Reply #4 on: Feb 04, 2012, 02:10 PM
The government was to borrow only $2.5 billion worth of commercial loans from foreign creditors this year, but it has sold $1.5 billion in global bonds in January and $1.1 billion worth of Samurai bonds in February.
Ummm. this explains siguro kung bakit bumaba exchange rate from 12 (Dec2011) to almost 11.56 ng UAE Dirhams

50K usd! wheew!!! as if I have that big amount hehe..
Ouch!!!! Buti na lang i have alternative of this OFW Bond.. I go for Fami bond funds at 5Kpesos only


katsky

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Reply #5 on: Feb 05, 2012, 01:37 AM
my father is an ofw . my mom would exchange her dollars to her officemate instead of going to a money changer coz its a lot safer. but my mom wondered why his officemate suddenly got interested in buying dollars. so when she asked him about it. he divulged about the float bond from bsp.

thats why im verifying the info. yung global bond nga eh parang 6-8% lang yung highest p.a. offered. from the news articles, 2010 pa last offered to.

well, kahit my currency risk, it does not matter coz our country is controlling the exchange rate.


Sheikmaktoum

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Reply #6 on: Feb 05, 2012, 05:15 PM
^^If exchange rate drop 1 or 2 pesos lalagnatin nako hehe..


jokesapart

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Reply #7 on: Oct 01, 2019, 04:12 PM
Para naman sa mga katulad kong abroaders na investors na nandito sa UAE, have you already tried to invest on their Dirham Savings Scheme? As low as AED100(Php1K plus) daw yung starting.

Any inputs about this?
« Last Edit: Nov 02, 2019, 11:34 PM by FutureGizmo »


 


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