Philippines May Borrow Less From Overseas Next Year, Says Treasurer Cruz

(Bloomberg) -- The Philippines, which aims to reduce its huge debt stockpile, may borrow less than $1 billion from overseas next year, National Treasurer Omar Cruz said.

``Borrowing will always move proportionally to the fiscal deficit, hence, overall borrowing will be less,'' Cruz said in a phone interview. ``Following the same strategy of borrowing more domestically, foreign borrowing should be less'' than last year.


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