RP capital mart gets aid

RP capital mart gets aid

MANILA (AFP): The Asian Development Bank (ADB) yesterday
signed a memorandum of understanding to lend up to US$150 million
to the Philippines for a capital market development program.

Acting Finance Secretary Romeo Bernardo said the document to
extend a $100-million to $150-million loan would pave the way for
working out conditions and the eventual release of the amount.

The agreement comes after three years of consultations and
studies, financed by the ADB and the U.S. Agency for
International Development (USAID) on a common government-private
sector program for reforming capital markets.

Earlier reports about the proposed reforms said they would
include making government regulators more efficient and making
the capital market more diversified and internationally-
competitive.

It also called for a full-disclosure policy for all publicly-
listed companies.

Other officials have said the reforms will include the
creation of a Philippine Central Depository Inc. to act as a
clearing-house for both equities and debt securities, possibly as
early as October, 1995.