JAKARTA: Indonesia's push to cut its reliance on foreign funds to fill the yawning current account gap has prompted it to chase a new and growing source of funding - digitally savvy millennials.At a recent marketing event in Jakarta's hip Kebayoran Baru district, Indonesia's finance ministry used celebrities, dance music and social media influencers to pump up interest in national savings bonds.The latest two-year bond, dubbed by media "James bonds" due to the 007 series number, was one of the 10 Indonesia plans to launch this year as authorities look to tap young Indonesians' growing appetite for fixed income. Last year, authorities only sold five, but the ministry said more than half the buyers of the latest offering were millennials.Indonesian authorities have for years sought to mobilise domestic savings to reduce the reliance on volatile foreign investment to fund the deficit. Nearly 40 per cent of government bonds are currently owned by foreigners.Also driving the push for … [Read more...] about Indonesia woos Instagram generation for hip new bond raisings
Secure services old mutual
FULL TEXT: Duterte’s 2019 State of the Nation Address
[Delivered at the Session Hall of the House of Representatives, Batasang Pambansa Complex, Quezon City on 22 July 2019] Thank you. Kindly sit down. Kumusta po kayo? Senate President Vicente Sotto III and the honorable members of the Senate; House Speaker Alan Peter Cayetano and the honorable members of the House of Representatives; Vice President Maria Leonor Robredo, magandang hapon po sa inyo --- sa iyo, ma’am, [applause] kung nasaan ka; former Presidents Fidel V. Ramos, Joseph Ejercito, [applause] Macapagal-Arroyo [applause]; His Excellency Caccia and the esteemed members of the diplomatic corps; Executive Secretary Salvador Medialdea and the other members of the Cabinet; Chief Justice Lucas Bersamin and the Supreme Court; my fellow workers in government; mga mahal kong kababayan. Let me begin by extending my hand in gratitude to all who kept faith with me in our most trying times. Numbers speak a thousand words and tell a hundred tales. But the … [Read more...] about FULL TEXT: Duterte’s 2019 State of the Nation Address
GSB makes first foray into securities
Government Savings Bank has acquired a 25% share of ASL Securities as part of GSB's strategic expansion plan. PATIPAT JANTHONG State-owned Government Savings Bank has bought a 25% stake in online securities broker ASL Securities, marking GSB's first venture into the securities business and opening the door for the 106-year-old bank to offer a full array of financial services.Before making its way to investing in the securities business, GSB held 24.94% and 25% stakes in MFC Asset Management and Thanachart Fund Management, respectively, both of which are identified as asset management companies. "It is a win-win situation because the bank has a customer base while ASL has the technology," said GSB president and chief executive Chatchai Payuhanaveechai. "ASL has been established via an online securities platform for a few years." Banks should have a full-range of financial services, including mutual funds, securities and insurance, to offer to customers, Mr Chatchai … [Read more...] about GSB makes first foray into securities
Singapore, Cambodia reaffirm longstanding ties: MFA
SINGAPORE: Singapore and Cambodia have reaffirmed longstanding ties, Singapore's Ministry of Foreign Affairs (MFA) said on Tuesday (Jun 11), adding that the two countries are committed to “strengthening mutual understanding and pursuing cooperation, dialogue and friendship”.Lieutenant-General Hun Manet, the Royal Cambodian Armed Forces’ Deputy Commander-in-Chief and Commander of Army (COA), is making his introductory visit to Singapore in his capacity as COA from Tuesday to Thursday.Earlier on Tuesday, he called on Senior Minister and Coordinating Minister for National Security Teo Chee Hean and Minister for Foreign Affairs Vivian Balakrishnan.“Lt Gen Hun Manet and the Singapore leaders reaffirmed the longstanding ties between Singapore and Cambodia, and our wide-ranging and substantive cooperation which has benefited both countries and the region,” MFA said in a press statement.“SM Teo and Lt Gen Hun Manet welcomed the strengthening … [Read more...] about Singapore, Cambodia reaffirm longstanding ties: MFA
SSS taps RCBC for P1-B portfolio
SSS taps RCBC for P1-B portfolio Lawrence Agcaoili (The Philippine Star) - June 11, 2019 - 12:00am MANILA, Philippines — The Social Security System (SSS) has tapped Rizal Commercial Banking Corp. (RCBC) to manage P1 billion worth of the provident fund’s investment portfolio over a two-year period. Mario Miranda, trust officer and first senior vice president at RCBC, said the Yuchengco-led bank would invest the portfolio in both fixed-income securities and equities. “We are grateful for the chance to contribute to the welfare of the Filipino people, specifically the members of SSS, by prudently managing their hard-earned money intended for the members and their beneficiaries’ protection from the hazards of disability, sickness, old age and death,” he said. RCBC Trust is one of the leading fund managers in the country with over 51 years of investment and retirement fund management experience. It has … [Read more...] about SSS taps RCBC for P1-B portfolio