PHILIPPINE SENATE ACTS TO SPEED DEBT PACT
The Philippine Senate approved a proposal
to repay loans owed by a private company to speed up the
signing of a 13.2 billion dlr rescheduling agreement with
foreign banks.
    It concerns a Barclays Bank managed loan to fertilizer
company Planter Products Inc, said Teofisto Paterno, chairman
of the foreign debt committee.
    President Corazon Aquino had accused some creditor banks of
"non-too-subtle coercion" in threatening to refuse to sign the
rescheduling accord until the loan problem was settled.
    Over 30 of Philippines' 483 creditor banks still have to
sign the agreement before the November 15 deadline.
 REUTER
