The Philippine government has repeated its plan to securitize up to P80 billion ($1.9 billion) worth of receivables of two public housing agencies, National Home Mortgage Corp. and Pag-IBIG Fund. At least four firms including Salomon Smith Barney and Lehman Brothers have submitted proposals, said trade secretary Jose Pardo at a conference in Manila last week.

"They are knocking on our doors and expressing an interest to acquire these receivables," he said, echoing earlier statements. But any decision still awaits the completion of due diligence being done by domestic accounting firm Sycip, Gorres, Velayo & Co., which was expected at the end of August.

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