The prospects for securitization in the Philippines effectively died when the Asian Financial Crisis hit in 1997 - in fact, there have no cross-border offerings issued from the country since that year, when JPMorgan Securities put together a $75 million future flow deal backed by air-ticket receivables for Philippine Airlines.

The country's junk-rated sovereign ratings reflect the Philippine government's difficulties in bringing its fiscal deficit under control since 1997. By the end of last year, the deficit had reached $70 billion - around 79% of GDP.

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