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President Gloria Macapagal Arroyo |
On November 14 the Philippines’ government announced that it would launch a global bond deal the next day. It wasn’t what the market was expecting. Just a month earlier national treasurer Sergio Edeza had postponed until early 2003 the $1 billion bond deal that had been expected before the end of this year. He claimed that the country probably wouldn’t need more funding for the rest of the year and could already finance shortfalls of up to P90 billion.
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