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The Philippines could become an attractive prospect for Asian investors as it enters a new phase in its privatisation programme. The country's economic position has become a lot stronger recently, and the government's economic policy is focusing on using privatisation to boost private initiative in the country. Many companies which have already been privatised have shown a great improvement in their performance, and there are good prospects for deepening the local capital market. Once power shortage problems are resolved in 1995, there will be no limits to the revival of the financial market and to economic recovery.

THE LONG-DELAYED privatization of Philippine power utility National Power Corporation (NPC) may be revived again as the sale legislation makes its rounds through the two electoral houses. The Senate Committee [...]

The debt-equity program in the Philippines has not aroused the hostility to foreigners that has characterized similar programs in other developing countries. This is because the debt-equity program in the Philippines is open to domestic and foreign investors. Most of the debt-equity conversions approved by the government have involved production for priority investments, especially in businesses and industries that produce goods for export. More investment opportunities should become available as the Philippine government begins its privatization program.

MANILA THE world's largest water privatisation is supposed to be taking place in the Philippines. Instead, the sale of Manila's crumbling Metropolitan Waterworks and Sewerage System (MWSS) risks being mired [...]

Government-owned Philippine National Oil Co will sell 40% of Petron Corp, arefinery operator and the Philippines' largest corporation, to Saudi Arabian Oil Co for $502 million. This sale, announced on Dec 15, 1993, marks a major step forward in Pres Fidel Ramos' policy of encouraging more foreign investment by privatizing state-owned industries. Opposition to this policy in parliament has given way to the widespread conviction that the old Filipino-first policy actually inhibited the country's economic development.

President Corazon Aquino of the Philippines has ordered the quick sale of the state-owned carrier, Phillippine Airlines, in an effort to raise much-needed cash for the country's shattered economy. The [...]

MANILA Incoming president Joseph Estrada has vowed to sell three government-owned TV networks, four radio stations and a newspaper chain in the Philippines within six months. The privatization program will […]

The Philippine National Bank has postponed a stock offering that would have privatized it, due to a dispute with the Treasury over 15.1 billion pesos, or $604 million. Bank President Arsenio Bartolome raised the issue out of fear it would scuttle the offering. From 1987 through 1994 the government has assumed 198 billion pesos of debt from state corporations, amounting to 25% of its total debt service and 10% of all its spending in that period.

There is revived ambition and enthusiasm for the privatisation process in the Philippines and sales of government shares in large corporations raised around $1.9 bilion in the first three quarters of 1994. The sell off of Petrol, a major Philippines oil company, was significant, bringing in around $550 million. Privatisation is helping to encourage major foreign investments in Philippine industry.

A five-year plan has been announced by the Philippines government to privatize and upgrade the large domestic shipping fleet serving the country's 8,000 islands. The state-run Maritime Industry Authority (Marina) has been placed in charge of the privatization initiative. Over 34,000 vessels combining for a gross tonnage of 18 million tons were registered in 1992 in the merchant fleet. Marina's head, Philip Tuazon, is seen as a strong advocate of deregulation. Meanwhile, Marina Port Services Inc is planning to construct a 10,000-metric ton/day capacity dedicated grain terminal at Bataan. The company is a joint venture of 7-R Port Services of the Philippines and London-based Peninsular & Oriental Steam Navigation Co.

Philippines President Fidel Ramos approved a plan to privatize the government's energy companies and deregulate the oil industry. The plan includes offering to domestic and foreign investors 65% of state [...]

Philippines expects to have state owned refiner/marketer Petron privatized by mid-1993, Agence France Presse (AFP) reports. While not disclosing a value, Finance Sec. Ramon del Rosario said the Petron deal [...]

Philippines plans to partly privatize the state owned Petton refinery at Bataan, slated for a $1 billion expansion. Petton wants a partner in a joint venture to increase refinery capacity [...]

AB Capital and Investment Corp won the bidding for Philippine Airlines Inc (PAL). The offer for 67% of the airline amounting to $367.9 million has been approved by the Philippine government's privatization committee. Analysts say that with good management, PAL has excellent chances for growth. PAL's earnings for the fiscal year ending Mar 31, 1992 are estimated to reach $45 million.

THE first step in the privatisation of Philippine Airlines (PAL) begins on January 29. About 67 percent of the airline's equity will be put up for public auction. The government [...]

A holding company combining the assets of British Airways and Northwest Airlines may be created. German stock market activity, the financial effect of Robert Maxwell's death on his two companies, and Philippine securities are discussed.