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Philippine borrowers prepaid more debt to foreign creditors as the peso continued to weaken against the US dollar and at the same time to take advantage of low interest rates.

Data from the central bank showed medium and long-term foreign loans prepaid by the government and private companies more than doubled to $2.34 billion in the first nine months last year.

A bulk of the foreign loans were settled by government-owned and controlled corporation (GOCC).

The move is seen to save the companies and government from foreign exchange losses as the peso is expected to weaken further against the US dollar this year.

-ANC's Market Edge, February 9, 2016