Loading…
BUSINESSWORLD (PHILIPPINES): Gov't to raise $3.5B to pay debts, plug budget deficit
Finance Undersecretary Joel A. Banares said the government will tap the local banking system's foreign currency deposit units (FCDU) to pay some $1.9 billion worth of government debts due next year. Mr. Banares said FCDU loans are cheaper than borrowing from the international debt market. FCDUs...
Saved in:
Published in: | Business world (San Juan, Philippines) Philippines), 2000-11, p.1 |
---|---|
Main Author: | |
Format: | Article |
Language: | English |
Subjects: | |
Online Access: | Get full text |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
Summary: | Finance Undersecretary Joel A. Banares said the government will tap the local banking system's foreign currency deposit units (FCDU) to pay some $1.9 billion worth of government debts due next year. Mr. Banares said FCDU loans are cheaper than borrowing from the international debt market. FCDUs are dollar pools of local commercial banks that earn US-level interest rates. Mr. Banares said the government has decided to borrow more from the domestic market next year due to the expensive cost of borrowing abroad. |
---|---|
ISSN: | 0116-3930 |