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    Philippines to contribute US$500m to IMF facility

    Manila (Philippine Daily Inquirer/ANN) - The Philippines has pledged to contribute US$500 million to the International Monetary Fund's (IMF) latest lending facility aimed at addressing crises such as volatility in the eurozone.

    Diwa Guinigundo, deputy governor of the Bangko Sentral ng Pilipinas, said that the entry of the Philippines into the expanded New Arrangements to Borrow (NAB) program of the IMF as a creditor country is currently being processed by the IMF.

    Should the entry be finalized, the Philippines will make available $500 million, which the IMF can tap in its efforts to provide financial assistance to crisis-stricken countries, such as those in the eurozone.

    The IMF puts up lending facilities such as the NAB to ensure there are sufficient resources that can be tapped in case of significant threats to global monetary stability.

    The NAB has $579 billion worth of total pledges from various creditor countries, including the $500 million from the Philippines.

    The pledge from the Philippines to the NAB program of the IMF is on top of the country's contribution of $251.5-million to the Financial Transactions Plan (FTP), another lending facility of the IMF.

    Of the Philippines' contribution to the FTP, over half were actually used by the IMF as part of the overall financial assistance recently extended to debt-ridden Ireland, Portugal and Greece.

    The Philippines used to be a net borrower from the IMF until 2006, when the country prepaid all its outstanding obligations to the multilateral institution.

    By 2010, the Philippines became a net creditor to the IMF when it participated in the FTP.

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    34 comments

    • incognito  •  2 months ago
      ayos itong balitang ito. tataas ang tingin nila sa mga OFWs at maaring tataas din ang salary offer ng mga employers sa OFWs. keep up with good work Mr. PNOY!
    • Abravecan  •  Macau, Macau  •  3 months ago
      mas maganda tyo ang tutulong kaysa tyo ang tutulongan. dati kasi lagi lang tayo nangutang tayo ngayun nagpautang na ibig sabihin di na naubos sa corruption ang pera. more power PNOY
      • cion 3 months ago
        Noong ang Pilipinas ay nakabayad ng utang,si Gloria Macapagal -Arroyo ang Presidente nong 2006. kaya ang idolo mong Aquino ay wala pa sa dulo ng karayom. Ang KKK ,Inc, ay walang ginawa kundi magpayaman ,intiendi.
      • Dennis 3 months ago
        do u think hindi kailangan ng tulong ang Pilipinas? wake up!!!
      • Percival 2 months ago
        Its a trick, lies and pretending.
    • tepiwepi  •  Manila, National Capital Region  •  2 months ago
      the IMF is just gathering funds to bail out failing economies of other countries. ive got a feeling the philippines was strong-armed into shelling out the 500 million or else they won't be lent billions in exchange
    • Miguel  •  3 months ago
      A good start for the Philippines. We just hope that corruption will be totally be eliminated in the future.
      • cion 3 months ago
        This is to inform every Filipinos that in 2006 GMA was the President and she should get the credit , Aquino, the son was either a Congressman of Tarlac and subsequently a Senator , but he has not done anything to benefit the country , and the people of the Philippines, but ???????
    • Matang Agila  •  Lagos, Nigeria  •  2 months ago
      Good Job Bangko Sentral ng Pilipinas. This will absolutely alleviate the image of our fellow OFW. Akala kasi ng ibang bansa ay poor talaga ang mga pinoy. Sa ganyan ay makikila na rin nila na kaya pala ng Pinas magpautang sa mga European countries,

      Tamimi ngayon ang mga Gregong kapitan, hehehe

      O ang mga goryu na ang gawing oiler at si Juan dela Cruz na magiging Kapitan..
    • Rod  •  Manila, National Capital Region  •  2 months ago
      On the other hand, Philippine economy is very sluggish because the agriculture is not harvesting well. If farmers have more income, economy runs smooth because of well distributed money in circulation. Right now, only basic commodities are moving and the rest are complaining.
      • Juan 2 months ago
        eto ang logic, di tayo aasenso kapag agricultural base,.. Dapat may mga pagaari tayong mga manufacturing....kasi dami natin resources ala tayong technology,,buti pa vietnam may pagawaan ng sasakyan...nauungusan na tayo.....kay afloat ang economy natin eh..dahil sa OFW...pano tayo tatawagin industrial country kung ala tayong industrial sector na pag aari ng pinoy...period
      • 6incheslong 2 months ago
        hindi po sluggish ang economy natin bagkus sa ngayon ito na healty economy in south east asia and Stocks Market is rising its value compare to our neighboring countries. As for your information, agriculture is 13% only of entire country GDP. kung magroon man low harvest d naman gaanong apektado ang economiya and majority is used for country comsumption. Now Philippines is Newly Industrilize Country, the major earner of contributor of our GDP is services and Industry. As a developing country our labor market cost is depends on the south east asian markets. The govt cannot elevate the countries minimum wage to higher notch, with this investor will hurt and leave our country also will cause for inflations.
    • Benny  •  Manila, National Capital Region  •  2 months ago
      Very Good News po sa ating lahat. it means na lending yan,, mag gain ng interest at pride para sa bayan natin. kasi kung uubusin dito yan,, hindi tayo sure kung makakarating ba talaga sa nangangailangan yan, so kapag other countries see us like this, mas maraming magtitiwala sa bansa natin at more investment at work abroad ang nag hihintay! baka sa future sila na ang kukunin natin house help pag mayaman na ang Bansa natin, so maging positive po sana tyong lahat. iwasan na natin ang Old mentality at kawalan ng displina, at puro batikos sa mga politicians at police force natin, respetohan lang yan,
    • dionisio_escosura  •  Singapore, Singapore  •  2 months ago
      Wow, sana tuloy tuloy na ito
    • Jeremy  •  Woking, United Kingdom  •  2 months ago
      IM A HAPPY PERSON WHEN I HEARD ABOUT THIS NEWS.
    • mannie719  •  2 months ago
      that is so nice....good for the image of our country.may it last long.
    • adora  •  Manila, National Capital Region  •  2 months ago
      it's good to hear this, hindi ung lagi nalang tau ang tumatangap ng abuloy!
    • Marcelina B  •  Manila, National Capital Region  •  2 months ago
      mag papahiram tayo.... pero magkano pa ba ang utang natin sa IMF-WORLD BANK, sa Asian Develpment bank... sa JICA.... at iba pang World Financial Institutions??? Sa pagkaka alam ko.... hindi pa pinanganak ang mga magiging apo ko... may utang na silang mamanahin....
    • Genesis  •  Manila, National Capital Region  •  2 months ago
      If there's something that the IMF and the US government needs to do, it has to arrest and persecute the bankers at Wall Street. They are the ones who started this economic meltdown that triggered the US economic recession and the Eurozone debt crisis that impacted many Asian economies. The US government pulled out trillions of dollars worth of American taxpayer's money to put the banks out of their miseries. On the other hand, it's a good start for the Philippines from being the debtor to creditor. In the CIA fact book, the Philippines ranked 26th out of 192 nations that has money in its national treasury. However, for an economy to be fully alive and functioning, the Philippine government also has to exert great efforts to put people as its top priority especially the farmers, the fishermen and the educators. People in case you don't know, the people in Europe are the ones who are now paying the price for the complacency of their governments and the recklessness of the bank CEOs who played God with their money. As for us Filipinos we're already used to poverty and hardship but on the other hand if we don't take pride that we can be capable of something we think we're not, then we're the ones who aren't getting anywhere. So we lend money to the European nations, as a Christian nation shouldn't we be thankful that God appointed us to be the instrument of change.
    • Genesis  •  Manila, National Capital Region  •  2 months ago
      Minsan ang gulo din ng isip din ng Pilipino kapag nilalait ang Pilipinas nagagalit tayo dahil oo hindi naman talaga ganon kalala ang kalagayan natin pag naman may ganitong balita hindi rin tayo naniniwala. Sang-ayon ako sa sinabi ni Abravecan mas mabuti na yung tayo ang tumutulong kaysa tayo ang tinutulungan. Kung marami ng naging pagkakamali ang gobyerno sa Pilipinas hindi ba may mali din ang mga tao dahil pinipili rin nila ang mga maling tao na siyang uupo? Magpasalamat na lang tayo dahil nabawasan na ang utang ng Pilipinas at hindi na tayo kasama sa mga bansa na malaking ang utang. Mas masaklap kung kasama pa rin tayo sa listahang yan.
    • tovio  •  2 months ago
      Maganda lang talaga magpalakad ang ating tagapangasiwa ng BSP na si Amando Tetangco Jr...salamat sayo at wala na tayong utang...
    • lvy berna  •  Manila, National Capital Region  •  3 months ago
      Persons affiliated and or working in the government were the ones to be scrutinize and prone to corruption. the common TAO and ang natalo sa eleksyon hindi na mangungurap dahil wala na sa posisyon.If there is someone that will corrupt its this government from up... president to senators to congressman ,mayors .For this person/persons have the access to releasing and receiving bribe money.
    • cion  •  3 months ago
      Well, who was the President in 2006 who paid off the debt of the Philippines-.Everyone should recognize and nobody should deny that it is former President Gloria Macapagal-Arroyo for she is one and foremost good economist President ever Philippines have. and least we should not forget the multimillions of OFW and Balikbayans who financially supported their family thru remittances contributed a great deall to our financial resources and I do remember when President Obama made his first visit to the Philippines after his election said this remarks of admiration to GMA and How did you manage to stay afloat amidst the ongoing global financial meltdown? And now this current President whose personal agenda is only to make it for his personal interest alone (hacienda Luisita) its deplorable and his unbecoming stance are all embarassing.
      • incognito 2 months ago
        still you forgot something important in your comment. let us not forget also that GMA used billions of OWWA funds for her personal interest.
      • che 2 months ago
        dapat lang bayaran ang utang,maganda na sana kaso masyado naman xang nag enjoy sa pagpapayaman....kaya hayon di nakulong.
    • jeth  •  2 months ago
      kala ko ba inubos na ang pera ng bayan?
      yelolow propaganda tlga
    • jeth  •  2 months ago
      ano kaya masasabi ni AB d2?
    • Josefa Rizal  •  3 months ago
      that money would be in better use for national programs for poverty alleviation and improvements of lives of filipinos!
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