MANILA - Philippine Financial Secretary Cesar Purisima said on Tuesday that Filipinos, need for an extended period of the US dollar weakness by taking advantage of low inflation and interest rates, to start new business helps drive the economy and the cause that reduced reliance on remittances from overseas workers prepare.
Bloomberg News Cesar Purisima, Philippines Secretary of finance in September.In an interview with the Wall Street Journal Mr Purísima said it tries to reduce its dependence on foreign denominated debt and will continue to the last efforts to replace it with Philippine peso-denominated bonds. He said that output of the Government seeks Philippines again Peso bond "in the coming weeks" 2011 to fund budget.
Refinancing of the Philippines pesos liabilities potentially provides the industry with a higher degree of stability and protects against foreign-exchange risk.
National Treasurer Robert Tan, said Meanwhile at least five international banks offered who undertake fund-raising for a global Peso bond after an initial Peso bond raised $1 billion in September and attracted demand of about $13.5 billion. The Philippines, Asia's largest issuer of bonds, also standard & poor saw its ratings on sovereign debt of the country of BB minus update in November on BB's.
"We see a fundamental shift in the global economy," said in a telephone interview from Singapore Mr Purísima. "The opportunities in Asia, where we are to be greater and the money is going our way." "We will try to use it."
The Philippines is one of several countries that have strong currency fluctuations this year have seen, as investors from dollar denominated assets and moved in Asian markets. During tensions on the Korean peninsula and worry about the stability of countries on the periphery of the euro area in recent weeks until the dollar made, expect many economists a steady appreciation in the value of the peso continue until 2011 with some expected it 40 pesos to the dollar, compared with Tuesday's reaching 44.20 pesos.
"We have the consequences be honest and people about what to educate," Mr Purísima said the Finance Minister was discretion of Benigno Aquino III as President six months ago.
Remittances from overseas workers drive much of the budget in the Philippines, but much of the money earned send Filipinos home in euro, US dollars or in dollars pegged currencies now less pesos than before to translate.
However, said Mr Purísima a stronger peso is also reducing inflation and interest rates, potentially allows for Filipinos, establishing new companies. "People should try to become more entrepreneurial, and the Department of finance works with other government agencies, promoting." "In future, if we need to sustain growth, we find ways to people who do more because we on checks forever leave cannot help."
However, remittances granted a degree of comfort the Philippines. Many of its overseas are relatively vulnerable to the effects of the global economic shocks as education and health care workers in areas. In 2009, the country's 10 million or so abroad workers sent back over 18 billion $, sent approximately 5% more than in 2008. In the first 10 months of this year remittances, compared to 8% to $15.46 billion with the same period of last year.
Mr Purísima said the Philippine Government should also provide finance fresh comfort for investors and entrepreneurs to booked it its second consecutive monthly budget surplus.
Data released Tuesday showed a budget surplus of 482 million pesos (approx. $10.9 million) in November, some Mr Purísima and other officials attributed to a more efficient tax collection and prudent expenditure.
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