• Philippine government has converted reference rate on $11.13B of its outstanding loans with the World Bank – International Bank for Reconstruction and Development to fixed from floating, Department of Finance says in a statement.
• Exercise may generate foreign interest payment savings of as much as $125.1M next year; to also permanently lessen government’s exposure to further escalation in global interest rates.
• Philippines targets to bring down its debt-to-GDP ratio to less than 60% by 2025, and cut the deficit-to-GDP ratio to 3% by 2028 from 6.5% at present.