BSP upsizes five-year loan to $675 million

The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), has increased its five-year loan facility to $675 million, one-third more than the original size of $500 million it intended to borrow when it awarded the mandate in the end of May. In doing so BSP achieved the double distinction of tapping the largest Asian sovereign loan in 2002 and the largest US dollar-denominated loan from Asia (ex-Japan) year to date.