Euroclear SA, the Luxembourg-based international bond clearing house, has appointed Citicorp as the local Euroclear depository for Philippine government debt securities in Manila.

Euroclear is to begin accepting Philippine domestic government debt securities for settlement Sept. 8. The company said it would offer a full range of custody, securities clearance, and settlement services.

The addition of the Philippine securities brings to nine the number of Asian securities markets that can be settled through Euroclear. Euroclear said adding Philippine securities was part of a broader strategy for becoming an "international hub for cross-border settlement activity."

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