NEWSFLASH

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RP PLANS $500-MILLION LOAN

Manila, Dec. 23, 1997 - The central bank is thinking of getting a $500-million loan to boost the country's dollar reserves.

Bangko Sentral ng Pilipinas governor Gabriel Singson disclosed that the funds can come from syndicated or club loans. However, the mode of borrowing and the exact amount to be borrowed are still being studied.

Singson explained that it was necessary to acknowledge good timing for the planned borrowing. "We should borrow while we can still borrow," he said.

According to Singson, there are still many offers of loans and financial assistance over the past few months despite the continued depreciation of the peso vis-a-vis the US dollar.

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