PHILIPPINE DEBT TALKS DELAYED FOR CONSULTATIONS

  Today's debt rescheduling talks
  between the Philippines government and its bank advisory
  committee were postponed until Thursday to give the banks more
  time to consider Manila's novel proposal for paying part of its
  interest bill in notes instead of cash, bankers said.
      The committee banks met briefly earlier today and decided
  that they needed more time in particular to consider a news
  report which quoted a Reagan Administration official as urging
  that the proposal be given serious consideration.
      "The banks felt that this was new information and that
  further consultation was called for," one banker said.    
      In a despatch yesterday from Washington, Reuters quoted the
  official as saying Manila's plan to pay some interest with
  notes that could be converted into equity investments in the
  Philippines was fully consistent with the Reagan Administration
  strategy for handling developing country debt.
      "The Philippine proposal is very interesting, it's quite
  unique and I don't think it's something that should be
  categorically rejected out of hand," the official said.
      Because of the key role the U.S. plays in the debt crisis,
  foreign banks in particular wanted time to analyze the
  significance of the policymaker's comments, bankers said.
  

