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JBIC Signs MOU with Philippines on Financial Support
Cooperating with the Philippine Government for Funding in Japanese Bond Market

  • Region: Asia
  • Others
NR/2009-16
June 19, 2009
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed today a Memorandum of Understanding (MOU) with the Department of Finance of the Government of the Republic of the Philippines to facilitate consultations on financial support to be offered for the issuance of Samurai bonds*2 under JBIC's Market Access Support Facility (MASF).
     
  2. MASF, announced by Minister of Finance Kaoru Yosano on May 3, 2009,*3 will help Asian developing countries, which have for many years issued sovereign bonds in international financial markets but are temporarily facing difficulties raising funds in these markets due to the global financial crisis, to regain market access.  The facility specifically provides guarantees of up to 500 billion yen for yen-denominated bonds (Samurai bonds) issued by these countries.
     
  3. The MOU provides for both signatory parties to engage in consultations with a view to realizing guarantee provision by JBIC for Samurai bonds of up to Japanese yen equivalent 1 billion US dollar to be issued by the Government of the Philippines.
     
  4. The financial support under MASF will diversify funding sources for the Government of the Philippines, while a new investment product is expected to contribute to further revitalization of the samurai bond market.  In "responding to disruptions in financial order in the international economy," one of the key objectives of its mission, JBIC is committed to addressing the current global financial crisis by mobilizing a variety of financial tools, as well as this arrangement for providing future financial support.

     
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
  2. *2 Samurai bonds are yen-denominated bonds issued in the Japanese financial market by a foreign government or company.
  3. *3 See Information dated May 18, 2009.

 

 


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