Gov't to reduce foreign borrowing to temper peso's rise


Posted at Oct 18 2012 05:47 PM | Updated as of Oct 19 2012 07:02 AM

MANILA, Philippines - The government is taking a step to temper the rise of the peso, which hurts exporters and overseas Filipino workers. 

To do that, the government plans to reduce foreign borrowings, which means less dollars will come in. 

Instead it will boost local borrowing from an originally planned P535 billion to P585 billion.

The government is already in the midst of a local retail bond sale it says could reach P200 billion. - ANC