RP likely to increase foreign borrowings

Reuters

Posted at Feb 25 2009 12:44 PM | Updated as of Feb 25 2009 08:44 PM

The Philippines said on Wednesday it was likely to borrow more overseas to fund a budget deficit which it forecast would rise to P177.2 billion ($3.69 billion) from an earlier estimate of P102 billion.

"Yes, depending on market conditions," Finance Secretary Margarito Teves told reporters when asked if the increased deficit estimate would be met by foreign borrowings.

Treasurer Roberto Tan however said overall borrowings would remain weighed in favour of domestic debt.

"The bias is domestic," he said.