1.   The borrowing program is for the refinancing of existing debt, particularly that issued in the form of promissory notes and international commercial paper.

2.   The new borrowing program may also be more expensive for WorldCom, debt analysts said.

3.   The World Bank is now deciding its borrowing program for the coming year.

4.   Peso buying was encouraged by gains in the Thai baht and by Manila finally exiting from an extended borrowing program with the International Monetary Fund.

5.   Ramos said the law will allow the country to exit from the IMF borrowing program, under which Philippine economic policies have been overseen by the IMF.

6.   An official said the reduction was part of its borrowing program for the month.

7.   Among other priorities is the drafting of the final version of a tax reform package needed for Manila to leave an International Monetary Fund borrowing program.

8.   Earlier this year, the country finally graduated from a succession of borrowing programs with the IMF.

9.   Leaving the borrowing program is a rite of passage for the nation.

10.   Ramos said the law will allow the country to exit from its IMF borrowing program, under which Philippine economic policies have been overseen by the IMF.