Source: Manila Bulletin
MANILA, Philippines — Citi (Citibank Philippines), the country’s largest and oldest foreign bank, is exploring power-generation and transportation projects listed under the Aquino government’s private-public partnership (PPP) program for potential fund raising either through corporate bonds or syndicated loans.
“We’re interested in arranging financing,” said Citi Country Officer for the Philippines, Sanjiv Vohra, in an interview. “Our globality helps in leveraging our relationships from sponsors who want to come here to work on these projects.” Last year alone, the bank helped raise almost $3 billion in government and corporate funding.
Citi has played and continue to contribute a key role in raising money for the government and corporates through the issuance of debt notes, equity and perpetual bonds. During the 1990s, the bank was responsible for raising capital for about 70 percent of then President Ramos’ infrastructure program, mostly utilities or power-related projects.
“At the time, they (government) had this slew of power projects that they have to put up and majority of those projects are under banks. Seventy percent of those projects were done by us, in terms of advisements and arrangements of finances,” said Vohra.
Under the current administration, Vohra said there are a lot of financial institutions that are interested in funding projects in the PPP but it will depend on how the government will tap these financing proposals.
“All banks are liquid today, its question of sponsor, structure, contractual terms, among other issues,” said Vohra. “We have historically been very active in supporting infrastructure programs (and) we are able to bring in those sponsors as well. That’s what we’re trying to do again.”
Published on June 15, 2011
