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Philippine Government to borrow from its domestic banks

Philippine Government to borrow from its domestic banks

(21 March 2013 – Philippines) The Philippine Government plans to borrow US$3.7 billion (A$3 billion) from its domestic banks in the second quarter. Domestic banks and creditors are expected to provide almost 100 percent of the credit as the Philippine Government takes advantage of favourable interest rates and advance reforms in the debt market.

It is expected to help develop the bond market further.

The Department of Finance will take a closer look at the system involving bond traders to make the market more efficient.

For the second quarter, the government plans to borrow US$3.7 billion from the local debt market. The amount is 25 percent higher than the total it planned to borrow in the first quarter.

The government said reforms are being made in the bond market, among which is to unify into a single class both taxable and tax-exempt bonds.
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