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Philippines may cut Q2 borrowing program |
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Philippines may cut
Q2 borrowing program
MANILA, Philippines - The Philippines may cut its local borrowing in the second quarter if it pushes through with a plan to issue foreign-denominated retail bonds, National Treasurer Roberto Tan said on Monday.
Manila is eyeing to launch next month its planned $500-million bond offer to overseas Filipinos, with bulk of the bonds to be denominated in US dollars and the rest in euros.
The Philippines, Asia’s largest sovereign debt issuer, would use its borrowings to finance its budget deficit, which hit a record P298.5 billion, or 3.9% of gross domestic product (GDP), last year.
The deficit is projected to be trimmed slightly to P293 billion or 3.5% of GDP this year. (abs-cbn)
Earlier, the Finance Deparment said the country was well on track to
meeting the 2010 fiscal gap goal, given the strong collections of its
two revenue agencies since the start of the year. With Reuters
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