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.