MANILA, Philippines — The Philippines did not default on its foreign debt in 1983 because its lenders agreed to extend the repayment period, the Department of Finance said Wednesday. Finance officials have given assurances that the Philippines could pay its debts, adding that the country never defaulted on its financial obligations. Carpio, however, disputed the claim, saying the Philippines declared a moratorium on its foreign debt repayments in 1983 because the central bank did not have enough foreign exchange to pay its foreign debts. So, since there was agreement and it was not a unilateral decision, the view is that, it was really not a default," Lambino said in a press briefing. Lambino said the Philippines was able to pay its debts because of the adjusted repayment schedule.

Source: Philippine Star April 03, 2019 11:48 UTC