(Bloomberg) -- The Philippines, which aims to end a decade of budget deficits next year, has cut its total borrowing program for 2008 by 17 percent, the Department of Finance said.
Local and overseas borrowing will fall to 325.57 billion pesos ($6.8 billion) from this year's plan of 390.7 billion pesos, the department said in a statement in Manila. Thirty percent of next year's borrowings will be in foreign loans and the sale of overseas debt, compared with a projected ratio of 33 percent this year.
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