PHILIPPINES, WORLD BANK SIGN 310 MLN DLR PACKAGE
The Philippines and the World Bank have
signed a 300 mln dlr loan and 10 mln dlr worth of technical
assistance to help Manila in its economic recovery efforts,
bank officials said .
    The loan, to be disbursed in three equal tranches, is
repayable over 20 years, including a five-year grace period,
with a variable interest rate, currently at 7.92 pct.
    The loan was signed by Finance Minister Jaime Ongpin and A.
Karasmasoglu, World Bank vice-president for East Asia and the
Pacific. Ongpin said the first tranche of 100 mln dlrs was
expected within a month.
 REUTER
