Talks With BanksTalks between the Philippines and a committee representing its creditor banks will resume here today, a committee spokesman said Monday.
The talks on restructuring part of the Philippines' $28-billion foreign debt were adjourned Friday as some bankers had to attend a meeting of the Inter- American Development Bank in Miami.
Philippine Finance Minister Jaime Ongpin is trying to restructure about $13 billion of the Philippine external debt, including $10 billion in medium- and long-term debt and $3 billion of trade financing.
Japan's Auto Output
Fell 0.4 percent in February
TOKYO - Japanese automobile production in February totaled 1,031,382 units, down 0.4 percent from a year earlier, the Japan Automobile Manufacturers Association said Monday.
JAMA said the decline resulted from a 7 percent drop in exports from a year earlier despite a 3.7 percent increase in domestic sales.
Total output included: 651,253 cars, up 0.4 percent; 375,899 trucks, down 1.8 percent; and 4,230 buses, up 10.3 percent.
Fell 10.2 percent in 1986
JAKARTA, Indonesia - Indonesia's exports fell by 10.2 percent in value from a year earlier to US$16.84 billion last year, Bank Indonesia reported.
The central bank said the decline resulted from a 13.5 percent in oil and liquefied natural gas exports to US$11.05 billion and a 3.2 percent fall in other exports to US$5.79 billion.
The decline in the country's export earnings followed a slump in world oil prices. Oil and LNG accounted for nearly 60 percent of the country's total export earnings last year.
Canada Converts Loan
For Malaysia to Grant
KUALA LUMPUR, Malaysia - Canada has converted a 13.6 million ringgit ($5.4 million) portion of a loan into a grant to Malaysia, the Canadian High
Commission said Monday.
In a statement, the commission said the amount represented the outstanding balance of a 17.6 million ringgit ($6.99 million) loan from the Canadian International Development Agency.
Canadian High Commissioner to Malaysia Manfred G. Von Nostitz said the disbursed portion of the original interest-free loan would remain repayable over 50 years, with a 10-year grace period.