PHILIPPINES SAYS DEBT PACT BETTER THAN MEXICO'S
Central bank governor Jose Fernandez said
the 10.3 billion dlr debt restructuring package he and Finance
Secretary Jaime Ongpin negotiated with the Philippines'
commercial creditors was better than Mexico's.
    "I think we got a better deal. It was really an enormous
drop, a reduction in rates and that to me is the critical
element," he told Reuters.
    He was reacting to comments by local economists who said
Manila's debt accord was no better than Mexico's, which was a
20-year repayment, including a seven-year grace last year at
13/16 points over London interbank offered rates (Libor).
    The Philippines clinched a repayment of 17 years, including
a grace period of 7-1/2 years on 10.3 billion dlrs of its total
debt of 27.8 billion.
 Reuter
