MANILA — The Philippines has converted $11.13 billion worth of outstanding World Bank loans to fixed rate from floating rate, a move that could yield as much as $125.1 million in foreign interest payment savings, its finance ministry said on Friday.
The transaction, which was done last month, achieved an average fixed reference rate of 4.19% for the 40 International Bank for Reconstruction and Development loans, which is substantially lower than the prevailing rate, the Department of Finance said in a statement.
— Reporting by Karen Lema; Editing by Kanupriya Kapoor
