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Philippines, Switzerland

sign debt

package

MANILA: The Philippines and Switzerland have signed a debt package amounting to $36 million, officials said.

The package allows the Philippine government to redeem $36 million of its non-offical development assistance guaranteed by the Swiss Export Risk Guarantee at a 50 percent discount rate.

Redemption would be effected by payment of cash and treasury bills of about 470 million pesos to the account of the Foundation for Sustainable Society (FSSI) in the Land Bank of the Philippines.

The FSSI will administer the funds through relending to individuals or groups engaged in economically sustainable and environmentally sound projects in agriculture, fishery and small industries.

The FSSI is an umbrella group of non-governmental organisations formed under the auspices of Swiss NGOs.-Reuter