RP takes more than half of programmed ODA loans

The Philippines on Tuesday said it has availed of more than half of its programmed $1.466 billion official development assistance borrowings to date. Finance Undersecretary Roberto Tan of the country's International Finance Group told reporters that the government has borrowed $800 million to $900 million from agencies like the World Bank, Asian Development Bank, and Japan Bank for International Cooperation. Tan said the government is sticking to its programmed borrowing from multilateral lending agencies even as it has already completed its commercial borrowing program with a $1 billion global denominated bonds issuance in January. The programmed borrowings from ODA sources has been increased seven percent this year from the 2006 level to take advantage of the better interest and repayment terms offered by the multilateral agencies. In line with this, the country's foreign commercial borrowing program was trimmed 65 percent to $1 billion this year from $2.85 billion last year. Tan said out that most of the program loans have been availed by the Philippine government and more project loans are expected to be finalized in the second half of the year. The program loans reached P38.77 billion with the Power Sector loan being financed by the ADB with P12.03 billion, WB with P12.1 billion, and JBIC with P14.24 billion. Project loans, on the other hand, amounted to P6.74 billion. - GMANews.TV