PHILIPPINES TO GET 300 MLN DLR JAPANESE LOAN
The Philippines has received a 300
mln dlr loan from the Japanese Export-Import Bank, Philippine
Finance Minister Jaime Ongpin told Reuters.
    Ongpin said the loan, carrying interest of 5.5 pct a year,
matches a 300 mln dlr economic recovery loan approved by the
World Bank in March.
    Ongpin said Japanese Finance Minister Kiichi Miyazawa
expressed satisfaction at the recent rescheduling of the
Philippines' 10.3 billion dlr foreign debt during a meeting
here yesterday. The 14th yen aid package from Japan's Overseas
Economic Cooperation Fund was also discussed.
    Ongpin said the Japan is expected to respond favourably to
a Philippine request to raise the aid level to between 75 and
80 billion yen.
    The aid package, originally scheduled for Japan's 1986/87
fiscal year ended March, was delayed because of the
Philippines' change of government last year.
    "The Japanese have indicated we may not get as much as we
are asking for in one big jump from the 13th yen package of 49
billion yen," he said. "But they are likely to bring it up to
that level for the 15th package."
    Ongpin said Manila had 14 projects in the pipeline for the
14th yen package.
    "We are trying get the 15th package mainly in the form of
untied commodity loans," he said.
    Discussion on a Philippine request for 500 mln dlrs in soft
loans to finance a land reform program, for which Japan is
expected to supply most of the financing, had been put off
until next month because of delays in preparatory work.
    Ongpin said he will make a strong pitch for the land reform
program in his speech on Tuesday at the 20th annual meeting of
the Asian Development Bank (ADB) here.
    Ongpin said the Philippines is very happy about the ADB's
support after President Corazon Aquino took over from deposed
leader Ferdinand Marcos.
    "But I would like to see them push more aggressively in the
field of lending to the private sector," he said.
    The Philippines was the bank's second-biggest borrower
after Pakistan in 1986, with loans totalling 316 mln dlrs.
    Ongpin said he expects ADB lending to the Philippines in
1987 to reach the same level.
    "They have told us they can lend us two billion dlrs if we
want. But we have to come up with the projects," he said.
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