PHILIPPINES TO SIGN FORMAL DEBT ACCORD IN JULY
The Philippines and its foreign creditor
banks will sign formal documents in mid-July to restructure
part of its debt, the Central Bank said.
    A spokesman told reporters the documents would formalise
the agreement reached in March on the restructuring of 10.3
billion dlrs, out of a total foreign debt of 28.2 billion.
    The interest rate spread agreed was 7/8 of a percentage
point over LIBOR. The spokesman gave no date for the signing.
    Manila had demanded a renegotiation after Argentina won a
13/16 of a percentage point spread, but it later dropped this
demand.
 REUTER
