PRIVATE enterprises and the government paid a total of $1.415 billion in foreign currency-denominated loans in the first seven months of the year, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Foreign IOUs terminated ahead of maturity by private enterprises totaled $959.6 million.

Debt prepayments by government-sector borrowers, on the other hand, totaled $455.6 million.

Earlier this year when the peso had sustained its strength against the US dollar, the BSP encouraged borrowers in both the public and private sectors to settle their foreign obligations. The peso was the best-performing currency in Asia in 2007 with a gain of about 19 percent against the dollar, supported mainly by strong foreign inflows, including remittances from Filipinos working overseas.

But the peso has now been among the worst performers in the region this year. This week the peso dropped to a 17-month low against the greenback, dragged by worries about the world economy as the financial crisis in the US deepened.

Mutualizing Philamlife is out of the question, says Cuisia

AMERICAN International Group Inc. (AIG), the troubled parent of Philippine American Life and General Insurance Co. (Philamlife), would definitely block any attempt to mutualize the Philippines’ largest insurer.

Debt prepayments hit $1.415B in 1st 7 months

PRIVATE enterprises and the government paid a total of $1.415 billion in foreign currency-denominated loans in the first seven months of the year, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Peso, bonds fall as investors sidetrack emerging markets

THE Philippine peso fell to the lowest level in 18 months as the worsening credit crisis prompted investors to avoid emerging-market assets. Government bonds declined.

Inflation worries ADB more than credit crisis

THE Asian Development Bank (ADB) is more concerned about the region’s double-digit inflation levels and does not believe the current financial crisis in the US and Europe could drag Asia into the credit crunch.

BOC exceeds September collection by 11.5 percent

Malacañang announced on Wednesday that the Bureau of Customs (BOC) exceeded its September target by 11.5 percent, collecting P25.9 billion last month or P2.6 billion more than its P23.3-billion goal.