Philippines to borrow more locally in 2009
Reuters | 11/12/2008 6:00 PM
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The Philippines will source more borrowings locally next year than it earlier expected due to tight global credit conditions, raising its domestic borrowings by 20 percent to P386.5 billion ($7.9 billion).
Finance Secretary Margarito Teves told a Senate hearing the government expects to source 76 percent of its borrowing requirements locally next year and the rest from overseas, compared with a 74-26 debt mix it announced in September.
The government will borrow an equivalent of P123.4 billion from official development assistance sources and the overseas debt market, nearly 7 percent higher than its estimate in September.
