The government said it may dump the proposed currency swap deal with the Asian Development Bank if the multilateral agency will not grant a "reasonable" price.
The currency swap deal, which the ADB approved recently, involves the exchange of the government's pesos with ADB's dollars. The dollars generated from the deal will supposedly be used for lending to private enterprises, especially small- and medium-sized businesses (SMEs).
A high-ranking government official said the government might not push through with the deal if it turns out to be too costly. The source added the government can afford to forego the benefits of the currency swap deal with the ADB.
"We will only push for it if it is really a concessional facility," said the official. He explained the problem with the proposed currency swap deal is that the ADB is asking for a high price.
