The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Buenaventura struggles to stabilize the Philippines

It's a wonder that the Philippines is still afloat. Rafael Buenaventura, central bank governor, has steered it clear of disaster. But with a presidential election this month, an unimpressive line-up of legislators and the governor's term coming to a close, the republic faces an uncertain passage.

Rafael Buenaventura

THE STICKY MORNING chaos on Manila's Roxas Boulevard seems a thousand miles away from the cool equanimity that pervades the top floor of Bangko Sentral Ng Pilipinas, which sits imposingly on the busy thoroughfare. The central bank's governor, Rafael Buenaventura, Pa Eng to his friends – a nickname is de rigueur in the Philippines – is busy putting the finishing touches to a press release explaining in the simplest terms the difference between debt refinancing and debt restructuring. The text reads like a teacher's gentle admonition of a schoolboy dullard. That would not be so far from the truth. The worrying thing for the future of this nation of over 80 million is that the recalcitrant pupil is Fernando Poe Junior, one of the leading candidates in the May 10 presidential elections.

In a campaign speech in March, the retired movie star, alternatively known as Da King or FPJ, addressed the serious issue of the government's burgeoning debt mountain, floating the idea of a restructuring if he were elected. His timing was impeccable. Buenaventura was just putting the finishing touches to a $500 million debt issue to help plug the government's funding gap.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree