Philippines says to increase 2009 overseas borrowings

Published: 21 Apr 2009 22:25:44 PST

MANILA, April 22 - The Philippines expects to increase overseas borrowings this year to 174.9 billion pesos ($3.6 billion) from a previous estimate of 147.4 billion pesos, National Treasurer Roberto Tan said on Wednesday.

Tan also told reporters the government has adjusted its borrowing mix this year to 72-28 percent in favour of local debt from 75-25 percent previously.

Manila wants to source more cheap funds from multilateral development lenders this year but it cannot rule out possible overseas debt issues, Tan said.