Private sector looks to the markets

The Philippine government is recruiting the private sector to develop and upgrade the country's infrastructure. But how will the private sector raise the financing it needs on the international capital markets? By Maggie Ford

At the corner of Ayala Avenue, the main street in Manila’s central business district of Makati, stands a small library containing historical books, photographs and documents. As the former control tower of an American military airport, the library premises are themselves a curious relic of the past. The avenue, now lined with the headquarters of the biggest Philippine corporations, started life as the airport’s runway.

Fifty years on, the Philippines is obsessed again with trains, boats and planes, not to mention telephones, power stations and roads.

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