Manila taps dlr reserves for maturing debts

The Philippines' central bank will use the country's dollar reserves to pay off debts worth $400 million due to mature this week, while it works out the terms of club loans, central bank governor Rafael Buenaventura said on Feb 19, 2001. The Philippine's dollar reserve stood at $14.4 billion as of end January 2001. The club loans, seen as a better option since spreads remain high for syndicated loans, would then replenish the dollar reserves, he said.

Buenaventura said the central bank would t