Philippines plans to hold dollar debt swap this year, Tan says

The Philippines plans to issue new and longer-dated dollar-denominated debt this year in exchange for older and shorter-dated notes as part of the government’s plan to lengthen debt maturity and manage liabilities, Treasurer Roberto Tan said today.

The government has received unsolicited offers from banks seeking to help with the deal and “will study them,” Tan said in a mobile phone message. “When the decision is made, we will issue a request for proposal,” the treasurer said. The nation last conducted a dollar debt exchange in 2006.