Rep. Ong says only one Phl. Bond market is best

 

By Rose de la Cruz

 

The Philippine bond market is not yet big enough for two trading systems and the recent loss of Land Bank of the Philippines in its attempt to get majority control of the holding firm of the Philippine Dealing System is a testament to this.

 

Thus said Rep. Henry Ong, vice chair of the committee on banks and financial intermediaries, even as he stressed that only one bond market for the Philippines is the best, and not two competing systems.

 

Aside from that, the market and its players would be averse to too much government influence in the market. Conflict of interest would also be an issue. These are the two underlying reasons for the failure of Land Bank to take over the Philippine Dealing System, Ong emphasized.

 

If the intention of the government is to help small- and medium-sized enterprises (SMEs), then that would be achieved with a window or board for SME bonds, not with two separate systems.

 

If the government’s bonds and the SME bonds are viable and sound investments, buyers will line up for them in an open market setting.

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