The World - News from Aug. 5, 1986
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Philippine President Corazon Aquino asked the country’s Central Bank to set conditions for foreigners to convert their Philippine loans into equity investment, and to allow more liberal repatriation of profits. She said the scheme would ease the burden of the country’s $26-billion foreign debt. At least one creditor has converted part of its loan to equity: American Express Bank Ltd. bought a 40% stake in Manila’s International Corporate Bank by converting $16 million of its loan to equity.
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