Creditors and the Philippines: An Unlikely Love Story
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Written by IHT
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Tuesday, 29 August 2006 |
The Philippines has about $76 billion of debts, and its government has lost so much money in the past decade that its bonds are consistently rated below investment grade. But earlier this summer, as markets around Asia were still struggling to recover from a sell-off by global investors, the Philippines pulled off something seemingly unthinkable for a country known as the region's sick man: it persuaded international investors to lend it $750 million.
And again, later this year, Manila will hit investors up for roughly $4 billion in new loans, almost half of it in foreign currencies, making the Philippines the biggest offshore borrower in Asia - bigger than Japan. [More from IHT]
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Last Updated ( Tuesday, 29 August 2006 )
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