The central bank was already under pressure at home. Senator Edgardo Angara, chairman of the senate economic affairs committee, said on April 7 that the planned yankee bond issue was a mere scheme for the central bank to “window dress” its balance sheet. Angara, a former senate president, added that the bond would “only benefit the investment bank that will oversee the bond float”.
The deal also drew flak from Action for Economic Reforms, a policy group composed of academics and non-government organizations, which said the central bank would end up paying interest of $118.75
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