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The best private banks in 2008

The best private banks in 2008

An informative guide for high net-worth individuals on the range of service providers that are available

Abigail Hofman

Abigail Hofman

We’re here to save the world and we don’t need any questions

Wednesday, April 23, 2008

Philippines government's outstanding debt declines 3.6% y/y as of January.





Philippines government's outstanding debt declines 3.6% y/y as of January. The Manila Times reported that according to the Bureau of Treasury, the Philippines government's outstanding obligations declined by 3.6% y/y to PHP 3.732tn as of January. However, government debt was higher than the figure of PHP 3.712tn for Dec 2007. The y/y decline in government debt is the result of the appreciation of the Peso. As of January, outstanding domestic loans amounted to PHP 2.227tn compared to PHP 2.141tn a year earlier, while borrowings from foreigners amounted to PHP 1.505tn compared to PHP 1.730tn a year earlier. The government's contingent debt declined by 13.5 % y/y to PHP 487bn as of January.


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