PHILIPPINES
From Times Staff and Wire Reports
Debt-Rescheduling Accord Is Reached: The Philippines has reached an accord with foreign banks to reschedule $5 billion in debt, opening the way for new loans to the struggling nation. The agreement with the banks is modeled on earlier accords reached with Venezuela, Mexico and other heavily indebted countries. It includes a menu of four options for banks that would result in a reduction of interest payments by the Philippines. As with previous debt accords, one option is backed by 25-year obligations issued by the U.S. Treasury.
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