There are tentative signs that a first securitization deal in the Philippines since the Asian Financial Crisis of 1997 may not be such a pipe dream. The government-supported National Home Mortgage Finance Corporation has upgraded its electronic accounts management and finance systems, a precursor to securitizing its performing loans.

Poor accounting systems among financial institutions in the Philippines have long been a major impediment to securitization, with overseas investors unimpressed by the quality of historical data.

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