Manila to borrow $3.9b

Manila to borrow $3.9b

MANILA (AFP): The Philippines government is to borrow 103.3 billion pesos (US$3.9 billion) from the domestic and international financial markets in 1997 to settle maturing obligations, the Central Bank of the Philippines said yesterday.

The total would be 29 percent lower than the programmed borrowings of 146.1 billion pesos ($5.58 billion) for 1996, a central bank statement said.