This presentation offers a brief description of the experience of the Philippines in the development of the retail market for Treasury bills and bonds. Many countries have experienced both problems and successes in developing a retail market, and perhaps the experience of the Philippines will be useful for others when considering the development of their retail markets. It has been mentioned that it would be a good idea to develop domestic savings in our respective countries to assure a steady source of financing for government programmes. The Philippines has the lowest rate of savings in all of Asia -just a little over 10 per cent. Whether our economy is growing or whether it is at a standstill, the rate of savings remains the same.
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