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...

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Published in:Business world (San Juan, Philippines) Philippines), 2000-11, p.1
Main Author: DOING SO, AN UPTICK IN INTEREST RATES CAN BE AVOIDED, HE STRESSED
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Banares, Joel A
Banking
Borrowing
Budget deficits
Debt
Domestic markets
Treasuries
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description 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.
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subjects Banares, Joel A
Banking
Borrowing
Budget deficits
Debt
Domestic markets
Treasuries
title BUSINESSWORLD (PHILIPPINES): Gov't to raise $3.5B to pay debts, plug budget deficit
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