Philippines ups reserves

Philippines ups reserves

MANILA (AFP): Eleven foreign banks have agreed to take part in
a 500-million-dollar syndicated loan to the Philippines to help
it rebuild its reserves, the central bank said Tuesday.

The credit facility was oversubscribed by US$50 million,
Central Bank of the Philippines governor Gabriel Singson said in
a statement.

"We are very pleased with the warm reception of the club loan
of (the Philippine central bank) considering the prevailing
financial turmoil in the region," Singson said.

"This is a clear indication that the Philippines is being
differentiated from other countries in the region," he added.

Bank of Nova Scotia, Bank of Tokyo-Mitsubishi, Banque
Nationale de Paris, Chase Manhattan Bank, Citibank, Deutsche
Bank, Hongkong and Shanghai Bank, ING Bank, International
Commercial Bank of China, Kredietbank and Standard Chartered Bank
offered 50 million dollars each, he said.