Hi! I am Nina Lasala, former Treasurer of the Philppines. This blog is meant to be an open forum for investors, fellow finance professionals, and other interested parties to discuss the state of Philippine Debt Management.

Sunday, March 06, 2005

Executive Brief on Circulars 392 & 428 issues

SUMMARY OF THE ISSUES INVOLVED IN THE IMPLEMENTATION OF BSP CIRCULAR NOS. 392 AND 428
I. SALIENT FEATURES OF BSP CIRCULAR NOS. 392 AND 428
BSP Circular No. 392 which was issued on July 2, 2003 and Circular No. 428 issued on April 15, 2004 are the two (2) circulars which created the THIRD PARTY CUSTODIANS. Essentially, these circulars provided for the following:
1. Banks and Non-bank financial institutions under the BSP supervision may act as securities custodians and/or registry upon approval by the Monetary Board for them to function as such upon their compliance with the pre-qualification requirements of the BSP.
2. The functions and responsibilities of a securities custodian are the following:
a. Safekeeping of the securities of the client;
b. Holding of title to the securities in a nominee capacity;
c. Execution of the purchase, sale and other instructions;
d. Performance of at lease a monthly reconciliation to ensure that all positions are property recorded and accounted for;
e. Confirmation of tax withheld;
f. Representation of clients in corporate actions in accordance with the direction provided by the securities owner;
g. Conduct of mark to market valuation and statement rendition;
h. Doing earmarking of encumbrances or liens such as, but not limited to Deeds of Assignment and court orders; and
i. Acting as collecting and paying agent
j. Does securities borrowing and lending operations as agent.
3. The functions and responsibilities of a securities registry are the following:
a. Maintenance of an electronic registry book;
b. Delivery of confirmation of tranactiona dn other docuemntw within agreed trading periods;
c. Issuing of registry confirmations for transfer of ownership as it occurs;
d. Preparation of regular statement of securities balances at such frequency as may be required by the owner on record but not less than every quarter;
e. Following of appropriate legal documentation to govern its relationship with the issuer.
II THE REGISTRY OF SCRIPLESS SECURITIES (RoSS)
The RoSS is a sophisticated, highly technical, state-of-the art computer system operated and maintained by the Bureau of the Treasury. It was a multi-million project developed in 1996 from financial aid and grants and is parallel in performance and efficiency with systems used in the United States, Canada and Europe. Since its inception, the RoSS has been capable of direct registration of beneficial owners and is capable of handling 156 million individual, independent accounts (It presently holds merely 42,300 accounts). Data culled from the RoSS are the bases for the government’s statistics, budget and other reports to the public. The RoSS IS A VITAL TOOL in the government’s DEBT MANAGEMENT.
The RoSS records in scripless form all peso–denominated Philippine government securities. Trades are settled on real time gross settlement and effects redemption of all maturing peso-denominated Philippine securities. Ross has securities and lending facilities, allows derivation of benchmarks based on actual done interbank trades in the secondary market and reportorial facility for primary and end-beneficial accounts and statement rendition on a daily basis.

III. IMPLICATIONS OF BSP CIRCULARS 392 AND 428
Below is a comparison of the changes that will result from the implementation of BSP circular nos. 392 and 428 :
Posted by Hello

IV. DISADVANTAGES TO THE GOVERNMENT
From the foregoing, it is apparent that the implementation of the THIRD PARTY CUSTODIANSHIP as designed under BSP Circular Nos. 392 and 428 will be GROSSLY DISADVANTAGEOUS to the government and the Filipino people for the reasons cited herein:
1. The implementation is inefficient and retrogressive because:
a. It merely adds another layer in a transaction that is already simple and working. The bank which used to be able to transact directly with the BTr will now be required to course its transaction through a third party custodian ;
b. Reports and debt data which used to be available to the government in the nick of time will now be difficult to prepare, if not impossible. Information which was once whole will become fragmented so that to be able to get a total picture of the country’s debt, BTr will now need to request for the records known and available only to the custodians;
c. A reconciliation of records between the BTr and the custodians will now become necessary.
d. It will not maximize the capabilities of the RoSS and will even limit the same.
2. The implementation will be costly to the government because:
a. Added costs to the investors will inevitably be passed on to the government who is the issuer of the government securities in the form on higher borrowing costs and/or interest costs. By their own admission in a local daily, PDTC disclosed that it stands to gain half a billion pesos per annum. This is a conservative estimate considering the number of times ownership of a security can be traded in a year. The investors would naturally take the added costs into consideration when they submit their bids for the government securities thus increasing the government’s cost of borrowings and adding to the people’s debt burden.
b. The re-configuration of the RoSS will entail costs that have not been provided for in the BTr’s budget.
3. Implementation will be risky to the government because:
a. With the connection of the PDEX trading platform to the RoSS it will expose the RoSS to the risk of a security breach. Since the PDEX trading platform will connect directly to the RoSS portals, the RoSS system and all the information it maintains INCLUDING CONFIDENTIAL INFORMATION can be accessed by PDTC.Moreover, virus and other elements that can adversely affect data stored in the RoSS can be passed on from the PDEX system;
b. Since debt information will be parceled out to several custodians, the likelihood of unreconciled figures will not be remote. Any difference in figure will impair the INTEGRITY of the country’s debt data and and endanger the government debt management processes;
c. Adjudication risks will arise when the issue of which record among the six custodians and that of the BTr shall be deemed controlling in the event of discrepancy.
d. Third party non-bank custodian, PDTC is capitalized at merely P500MM, and yet it will be entrusted with the handling of government securities amounting to Php 2 trillion .
e. The government stands to lose the transparency of its records and will be unable to promptly determine who it actually owes money to. Any delay or errors in the gathering of statistics on debts can adversely affect its debt management capability.
f. It can discourage investors from investing in government securities thereby impairing the government’s ability to fund its requirements.
g. If the award to private entities will be proven disadvantageous to government, it renders the BTR liable and vulnerable to all types of suits/litigations.
4. Implementation is unnecessary.
a. Services like providing benchmarks, mark to market valuations , price discovery and transparency and others are already being rendered by the BTr RoSS at no cost to the investor and the government. In fact an investor is able to determine rates and prices anywhere he is through the short messaging system (SMS/text messaging system). These enhancements are among those approved under the Medium-Term Investment Program (MTPIP)of government.
b. Services to be offered by the third party custodians are already being offered by the GSEDs and the Trust Departments of banks. There are existing BSP circulars regulating these custodial functions.
c. It will be uneconomic for small investors to enlist the services of a custodian as the Php 900 transaction fee more than erodes the meager returns on small investors’ holdings on top of the other fees that the Third Party Custodians will charge. The small investors do not incur any cost right now under the BTr –RoSS .These small investors will be left with RoSS. Definitely the holders of Retail Treasury bonds (RTBs) as the alternative systems under circulars 392 and 428 will not be able to accommodate them negating the claim that the proposed system was meant to safeguard the small investors.
d. OTC trades will still continue and inputting other data manually negating the claim that the alternative systems effect seamless and straight-through-processing .
V. MORAL ISSUES INOVLVED
a. WITHOUT ANY VALUE ADDED TO THE PHILIPPINE GOVERNMENT SECURITIES MARKET, government funds will be used to configure the RoSS, and operate and maintain the same, BUT it will be the PRIVATE third party custodians, more particularly PDTC WHICH WILL BENEFIT from it;
b. The connectivity/implementation of the aforesaid circulars will, in effect, mean an unauthorized awarding of a beneficial use and ownership of a GOVERNMENT ASSET to a PRIVATE ENTITY WITHOUT JUST COMPENSATION TO THE GOVERNMENT. If the government were to decide to privatize the RoSS, it should have been duly bidded out which would, no doubt, fetch the government a substantial amount thereby adding to its resources without the need to raise additional taxes.
c. The implementation of the aforesaid circulars is being relentlessly pursued with ABSOLUTELY LACK OF DISCLOSURE to the proper authorities and to the public as to the detrimental consequences of such a move to government. By the issuance by the Bangko Sentral of mere bank circulars, existing laws are nullified and/or changed to suit the needs of PDTC and another government agency, the BTr is divested of its core function.
d. An “agency” is created whereby the third party custodian can bind the government to contracts and obligations WITHOUT the said custodian being made liable to the government.
e. Confidentiality of bank and GOVERNMENT records and transactions will be breached.

54 Comments:

Anonymous Anonymous said...

The issues involved are pretty well clear-cut. The beneficiaries are the private groups PDTC and PDEx. Are they one and the same? Do they have interlocking ownerships? Why can they do what they just did with Malacanang seemingly unaware (or in cahoots?) with these private groups?
What is more frighteneing is the fact that all CONFIDENTIAL INFORMATION of investors will be made available to these private individuals. One can just imagine the power they wil have over these investors. On another thought, maybe the investors will just decide to pull-out instead of (1) paying more and, (2) exposing themselves to risks.
Maybe one of the reasons why no senator or congressman is taking up your fight is because they owe so much to the banks and to these private individuals?

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Anonymous Anonymous said...

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12:54 PM

 
Anonymous Anonymous said...

The joker laughs...

It seems all to convenient that the regulations are radically in favor of a "private organization". It seems even more convenient that the business of a private organization is so accurately built to capture the environment created by the regulations.

One question that has not been asked: what did the founder(s) of PDEx/PDTC know and when did they know them.

Was there a one interest lobby that ignored all other market participants in order to create a business?

Was there an attempt to conceal information from all affected parties to ensure that there would be no competition?

Is this interest now a law unto itself that it can disregard the issues of the market and of the investors?

Something is not making sense somewhere because these people are advocating with the blessings of the BSP for all investors in this country to cough up money for fees and private assets for custody to make these "reforms" work.

We keep talking about the impact on banks and the impact on the BTr, consider the views of the investor.
I buy the securities of the Republic to fund my government. What does a third party have to do with that? Once I have properly paid for the securities why does the BSP dictate on me to send my securities to a third party?

And as far as the senators and congressmen are concerned, we not only pay our taxes, we lend our money to the govenrment. You clowns owe us better governance! Look into this farce and do something!

1:07 PM

 
Anonymous Anonymous said...

If those guys from Bangko Sentral to PDEX have not bothered to go to Treasury to properly evaluate the BT's system's, I don't think they understand what it is they are proposing!!!!!!

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Cara Menghaluskan Wajah Seperti Sudah Operasi
Cara Mengobati Campak Dengan Daun Jarak
Cara Mengobati Anyang-anyangan
Obat Luka Bekas Operasi

2:04 PM

 

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