THE PHILIPPINES

Debt-Agreement Signing May Be Delayed: The country’s central bank has indicated that it may delay signing an agreement to restructure $4.8 billion in foreign commercial debt until the next elected president has a chance to review it. The government of President Corazon Aquino and a committee representing the Philippines’ commercial creditors agreed to a new loan repayment schedule in February. However, the documentation for the agreement may not be ready for signing until a few days before the May 11 presidential election. Some commercial creditors are concerned that negotiations will be reopened if the agreement is not signed before the election. Most of the debt was accumulated during the administration of the late President Ferdinand Marcos.