Manila says likely no more sovereign debt issue

The Philippines may likely opt not to issue more sovereign debt this year and cut its domestic borrowings for the rest of the year due to its healthy cash position, National Treasurer Roberto Tan said on Tuesday. "We will study our cash position," Tan told reporters. "Right now, we have healthy levels."
Tan said the government would make a final decision on its overseas borrowings for the rest of 2008 by the end of the month or early October.