The Philippines plans to undertake a borrowing program totalling 325.57 billion pesos (6.84 billion U.S. dollars) in 2008, a local newspaper said here on Friday.
The new program would be 16.7 percent less than that of this year, as the government trys to roll over its maturing obligations with continuous borrowing, the Philippine Star reported.
Some 70 percent of the 2008 borrowing program would be raised from the domestic credit market, the report quoted Finance Secretary Margarito Teves as saying, while the remaining 30 percent would be sourced from the foreign market in a combination of commercial borrowing and official development assistance (ODA).
Teves added that the Philippines is also hoping to qualify for the so-called compact assistance of the Millennium Challenge Account, a U.S. bilateral development fund.
By November this year, the government plans to make a presentation before the U.S. lender, detailing its efforts to meet the criteria for the assistance, Tevels said.
---------------------------
"Your Friendly Web Designer & Developer"
http://www.mikeligalig.com
No comments:
Post a Comment