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Ayala-led lender Bank of the Philippine Islands on Wednesday said it is looking to issue bonds more frequently, even on a quarterly basis, to generate additional funds and to take advantage of the lower reserve requirement set by the Bangko Sentral ng Pilipinas .According to BPI president and chief executive officer Jose Teodoro “TG” Limcaoco, the bank is looking at more issuances rather than just once a year or every two years, as has been done traditionally by banks.
He was referring to the Treasury bills, which the government — through the Bureau of the Treasury — regularly auctions off on tenors such as 91 days or three months, 183 days or six months, and 364 days or one year.“The secret now is that if you really want to drive the costs down for your loans, you also need cheaper funding, so that’s the way you do it — be as efficient in funding as possible,” Limcaoco said.
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