The Philippine government is considering funding its 2010 offshore borrowing requirements this year. That makes a lot of sense with interest rates likely to raise and the country facing political risk as a May election looms.

“If you can’t wait until the second half of next year, why not prefund now?,”
said Rafael Algarra, treasurer at Security Bank Corp. in Manila. “And even if
you could wait to take the uncertainty of the election out of the equation,
interest rates might be going up by then.” Read the rest of this entry »