Philippines set to boost reserves by US $500m

The Philippines central bank said it intends to increase its dollar reserves before the May 10 presidential election through a new 500 million US dollar borrowing.

"We think there might be an opportunity. We would like to see if we have a good market today or we'll wait until end of the year. We asked for proposals (from private lenders). We're looking at about 500 million usd," Buenaventura told reporters AFX Asia said.

Buenaventura said proceeds of the planned borrowing will be purely for "ba

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