Philippines expected to issue $1 billion notes for Napocor debt

By Reshmi Basu and Paul A. Harris

New York, June 25 - The Philippines may issue a $1 billion bond offering in the international capital markets to pay off borrowing requirements, said a market source.

The proceeds would be used to cover debt for the state-owned National Power Corp. (Napocor), although it was not clear which entity will issue the new bonds.

The country's deficit increased last week when the government said it would absorb the Ps. 500 billion debt of Napocor.

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