PHL govt, firms prepay $3.57B in foreign debt

[wak_wak]

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More debts were prepaid by Philippine government and private corporations in the first 10 months of 2010, taking advantage of a financial system awash with cash and helping ease pressure in the foreign exchange market.

Prepayments of foreign currency denominated debt reached $3.57 billion in January-October last year, nearly four times bigger than the $1 billion prepaid by national government and private companies in the same period in 2009, Bangko Sentral ng Pilipinas (BSP) data showed.

Government prepaid $2.34 billion in the first 10 months of last year, and private corporations settled $1.22 billion ahead of scheduled maturity, the BSP said in a report Monday.

The appreciation of the peso against the dollar and the liquid position of national government and the private sector led to prepayments of foreign obligations.

BSP Gov. Amando Tetangco Jr. has been encouraging government and private corporations to pre-pay foreign obligations as the peso gained against the dollar with the influx of foreign capital into emerging market economies like the Philippines.

PHL govt, firms prepay $3.57B in foreign debt - Business - GMANews.TV - Official Website of GMA News and Public Affairs - Latest Philippine News

[pepponeskie]

the last statistics as i can recall is that, every single filipino including infants had a debt of 30k pesos...

[RMK711]

the last statistics as i can recall is that, every single filipino including infants had a debt of 30k pesos...

that's not really too bad. not all debt is bad as long as it's used for investments for our future, but the problem is it's stolen by corrupt pols until now wala pa gihapon mapriso ang mga marcos. until that happens we should try to limit our debt or encourage more public-private partnerships from foreign corps.

[leonell]

Actually, our foreign reserves are capable of paying all our debts in a single pay. Totaling 62.7 Billion Dollars, it is enough to cover all our foreign debt and we still get an extra. Also our Debt to GDP Ratio stands ate 50% of GDP so we are not as worse as Greece with more than 133% Debt to GDP Ratio. Also, the United States has a larger debt at more than 15 Trillion Dollars, mas dako pa sa ilang GDP nga 14 Trillion. Japan's debt is at 100% of it's GDP so at least we can say, we are in a better financial position as them.

[KASAAC]

arang2x hapit nata maimpas...

[vladmire]

arang2x hapit nata maimpas...

maimpas rana kung walay korakot.. hehehe...

[emailroy2002]

pila kaha ang tinood utang ani?

50 trillion? cguro sa? hahaha.

[personalmgt]

Beautiful move by the government. The fact that the peso is strong against the dollar is definitely the good time to pay our debts.

Now will you guys excuse me, I have to change some of my money to dollars just in-case the peso gets worse again

[trax]

paita ani nga utang oi, pero mabayran ra gyud na nato ug ma minusan ang korakot unya dili na mangutang

[emow]

Beautiful move by the government. The fact that the peso is strong against the dollar is definitely the good time to pay our debts.

Now will you guys excuse me, I have to change some of my money to dollars just in-case the peso gets worse again

ot: changing peso to dollars? i think you should change that to other currencies or gold.... the dollar is a dying currency.... i think they were talking about changing back to the gold standard and abandon the dollar...i dunno if its really true, but technically, US is bankrupt, spending money they don' have... when the dust settles a couple of years from now, its not far fetch for US to be a third world country... or to regress significantly....