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PIA Press Release
2006/10/10

Central Bank to pay $460M of its debts ahead of schedule

Quezon City (10 October) -- The Central Bank (BSP) is expecting some savings in interest expenses with a decision to pay some $460 million of its loans and floating-rate notes ahead of schedule.

The loans, originally due April 2007 and April 2009, will be pre-paid this month.

"The decision took into consideration the higher level of gross international reserves and the continuing foreign exchange inflows, which have improved the external liquidity position of the [central bank]," Governor Amando Tetangco Jr. of the central bank said in a written statement.

In April, the central bank repaid early a $500-million term loan.

The country's gross international reserves reached a new peak at $21.56 billion at the end of last month, up from $21.54 billion at the end of August. (PIA) [top]

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