Finance Secretary Jose Isidro Camacho told reporters yesterday that a team of Philippine economic officials and businessmen would be going around Europe and parts of Asia to meet with offshore investors and fund managers.
He said no specific deals have been planned, but these roadshows usually turn up loan deals for the government either during the meetings or right after the presentations.
"We’re not in a hurry to strike any deal right now so this is officially a no-deal roadshow," Camacho said. "There are no live discussions at the moment because our remaining borrowing requirement for the year is not big enough to make it worth the trouble."
According to Camacho, the government can easily fund the $400 million it still has to raise for the rest of the year and there is no rush to pre-fund its requirements for 2004.
The Investor Relations Office (IRO) of the Bangko Sentral ng Pilipinas (BSP) said Camacho would lead the European leg of the roadshow where the Philippine delegation would meet with investors in London, Paris and Amsterdam.
Officials said they want to counter growing pessimism about the Philippine economy’s prospects at a time when the government has started to succeed in containing its budget deficit.