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The Philippines government's plans to raise much-needed revenue through new tax measures and power-sector privatizations have been given short shrift by ratings agencies, with both Moody's and Standard & Poor's downgrading the sovereign from Ba2/BB to B1/BB-, as well as dropping the ratings of several companies in February. But the Republic of the Philippines (RoP) spreads have stayed steady and it has since successfully raised a US$1.5 billion 25-year international bond. Asiamoney asks a panel of regional fund managers how confident they are about the country's outlook.

Rafael Buenaventura has been one of the most high-profile central bank governors in Asia since taking on the role in July 1999. He arrived as the country was struggling to overcome the effects of the Asian financial crisis, and has since worked hard to implement reforms, while sparing time to throw the odd criticism at the government. As his term concludes, he speaks with Richard Morrow about his legacy and the challenges his successor will face.

The recent increase in Asian issuance of euro-denominated debt has some European banks dizzy over the prospects for a quantum shift at the expense of the beleaguered US dollar. But while there may well be a trend towards both tactical and strategic euro issuance from certain Asian credits, the bigger picture suggests it is too early to get carried away just yet. By Chris Leahy

Top 10 best & worst performing stocks in Asia in February 2005. Plus figures for current bond index, currency rates and movement of Asian equity indices and oil prices.

With the Philippines downgrade by S&P to BB-, is the Philippines now fairly rated given its fiscal situation and the amount of budgetary moves and privatization it still has to conduct? Is the country's debt fairly priced or will it continue to fluctuate strongly in the future? What are the possibilities of further rating changes, be they down or up in the coming 12 months?

Multilateral to become first foreign entity to issue renminbi bond

Conclusions from new S&P report

Due to stronger domestic economy

Former deputy defense secretary could be surprise US choice

Likely to lead to eventual fully convertible currency

Speech by Korean president to mark the second anniversary of his inauguration

A co-head of fixed income has quit UBS and its two distressed heads are also said to be leaving.