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News » VP Noli Congratulate...
VP Noli Congratulates NHMFC for Triple A Award
Vice President and HUDCC Chairman Noli de Castro announced today that the National Home Mortgage Finance Corporation (NHMFC), one of the housing agencies under his supervision, will receive The Asset’s Triple A Award for the category “2009 Securitization of the Year.” The award will be accepted by NHMFC President Joseph Peter Sison in ceremonies to be held tomorrow (January 13) at the Four Seasons Hotel in Hong Kong. The deal which won the prestigious award for NHMFC was the issuance of Bahay Bonds—the first residential mortgage-backed securitization in the Philippines under the Securitization Law of 2004.
Vice President de Castro said, “The NHMFC was often blamed for the collapse of the Philippine housing sector in the past. Today, through hard work and determination, the NHMFC redeems itself as a reputable secondary mortgage corporation in this part of the world. I extend my congratulations to the men and women of NHMFC and to their partners who made this international recognition possible.”
Under the chairmanship of the Vice President, NHMFC embarked on a massive financial re-engineering and reorganization over the past five years. The corporation fixed its existing collection system and infrastructure. It cleaned up its balance sheet through loan restructuring, disposition of non-performing loans through public bidding, spinning-off non-core activities such as the Community Mortgage Program to a subsidiary, and downscaling of its workforce. This enabled the NHMFC to focus on its primary mandate of developing the secondary mortgage market in the Philippines.
On March 2009, the NHMFC returned to the capital market with the issuance of two (2) billion pesos worth of Bahay Bonds. These securities were backed by the best quality loans in the portfolio of housing loans under the corporation. Market reception was very good even if the global mood at that time was generally pessimistic. The bonds were twice oversubscribed—signaling investor’s confidence in NHMFC-issued instruments.
The Asset’s Triple A Award represents the industry’s most prestigious awards for banking, finance, treasury and capital markets. This is given annually by The Asset Publishing and Research Ltd. which has the highest audited reach among Asian issuers and global institutional investors active in the region.
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