Da der "Wechselkurs Peso"-Thread voellig unuebersichtlich geworden ist mal was "Neues"...
Mein neuer Freund, der "news bot" hat in der Manila Times nachfolgenden Artikel gefunden. Die darin enthaltenen Zahlen stimmen sehr positiv fuer die Zukunft. Besonders die Waehrungsreserven, die relativ tiefe Inflation und die Leichtigkeit, wie es die Phils schafften doch beachtliche Betraege am internationalen Finanzmarkt aufzutreiben zeigt auch wie gross das Interesse der Investoren (zig fach ueberzeichnet) an Investitionen in den Peso und damit das Land sind.
Bestimmt werden die Philippinen auch von der Naehe zu China profitieren.
BY LAILANY P. GOMEZ AND KATRINA MENNEN
A. VALDEZ REPORTERS
MOODY’S Investors Service on
Thursday raised its outlook on the Philippines from stable to positive,
clearing the way for a possible upgrade in the sovereign’s credit rating
in the near term.
The upgrade comes as the government completed its second global peso
bond sale, the Philippines’ first international debt issuance this year.
In
a statement, Moody’s said it changed the outlook on Manila’s Ba3
foreign and local currency bond ratings from stable to positive.
The
New York-headquartered debt watcher said a key factor behind its
decision was the strengthening trend in the Philippines’s external
payments position, which has significantly reduced the vulnerability of
government finances to external shocks.
In the first 11 months of
2011, the country had a balance of payments surplus of $13.2 billion
and gross international reserves of $61.3 billion.
Moody’s also
considered the “successful conduct of monetary policy which has anchored
inflation expectations and has also helped to lower the government’s
cost of funding.”
Inflation averaged 3.8 percent in 2010, within
the Bangko Sentral ng Pilipinas (BSP) target range of 3.5 percent to 5.5
percent.
The rating firm said the improved prospects for
economic reform, which will likely have positive effects on government
finances, investor sentiment and economic growth, also contributed to
the upgrade.
Moody’s last rating action on the Philippines was
taken on July 23, 2009 when the firm upgraded the sovereign rating from
B1 to Ba3 and assigned a stable outlook.
In line with the
sovereign rating action, Moody’s has also changed its outlook on the
foreign currency deposit ratings of seven local banks from stable to
positive.
The banks are Banco de Oro Unibank, Bank of the
Philippine Islands, Development Bank of the Philippines, Land Bank of
the Philippines, Metropolitan Bank and Trust Co., Philippine National
Bank and Rizal Commercial Banking Corp.
“Moody’s has taken two
positive rating actions in the last 18 months. This is a clear vote of
confidence in our positive credit story. With the Philippines’
strengthening credit profile and the resilience and strength that the
Philippine economy continues to demonstrate in the face of a sluggish
global economic recovery, we can expect brighter prospects ahead,” BSP
Governor Amando Tetangco Jr. said.
Overnight, the Philippines
sold abroad $1.25-billion worth of 25-year peso-denominated bonds, as it
took advantage of favorable market conditions and the low interest rate
regime.
The government initially planned to sell $1-billion
worth of the papers, the sovereign’s benchmark in the international debt
market.
“We could accept more, but we settled for $1.25
billion,” Finance Secretary Cesar Purisima said.
The biggest debt
sale out of Asia over the last five years and the country’s first major
borrowing for the year, the 25-year bonds were priced at par with a
yield of 6.25 percent to mature in January 2036.
While they are
peso-denominated, the bonds will be settled offshore and payable in US
dollars at a conversion rate of P43.777 to the greenback.
“The
active investor participation allowed us to continue our strategy of
lengthening debt maturities and reduce exposure to foreign exchange
risk. Further, the long-dated tenor also establishes a yield curve for
this type of instrument and provides benchmarks for infrastructure
projects, consistent with President Aquino’s development plans,”
Purisima said.
IFR Markets said that the book-building process
for the US-registered peso bonds attracted at least 160 investors, and
tenders were oversubscribed by more than three times at $3.6 billion. In
contrast, the Philippines’ first global peso bond, which had a shorter
tenor of 10 years and sold in September last year, was 13 times
oversubscribed.
Nearly half of the latest debt offer was sold to
US-based investors, about a third to Europe, and a little over a fifth
to Asia.
“The two global peso note sale are not comparable since
they don’t have the same tenors. The shorter the tenor, the more the
demand is, the longer the tenor, the less the demand would be. We were
also very careful to make sure buyers [of the bonds] are long-term
investors or we could have sold more. We do not want the hot money
component,” Purisima said.
He said the global peso bonds would
ensure long-term funds that investors of key infrastructure projects
under the government’s public-private partnership (PPP) initiative can
tap for their respective projects.
Proceeds of the debt issue
would be used to refinance $1.2-billion worth of dollar debt that is set
to mature next month.
Filipinos bevorzugen Reis und Fisch und sind nicht satt und verwoehnt wie die Europaer. Die hohe Bevoelkerungszahl birgt ein Potential, da viele jung und gut ausgebildet sind. Europa ist ueberaltert; dort haben nur Spitaeler, Pharmafirmen und Altersheime Zuwachsraten. 
Junge Leute konsumieren i.d.R. mehr als alte. Die Mittelschicht hat auch das Geld dazu. Schaut euch mal die Wachstumsraten in Asien an (inkl. PH). Sind durchwegs hoeher als in Europa.
