Philippines to extend $1B loan to IMF

[chua_riwap]

e manyaman naman pala pinas eh! pinahiram natin ng $1B ang IMF.
in dollars ha....hindi peso.

pinaganda lang yung term.....pledge.
in short, loan.


PHL pledges $1B to raise IMF resources against financial crises | GMA News Online | The Go-To Site for Filipinos Everywhere

PHL pledges $1B to raise IMF resources against financial crises


The Philippines pledged $1 billion to beef up the coffers of multilateral lender International Monetary Fund in addressing global financial crises that include the raging sovereign debt crisis in single currency Europe.

“Countries large and small have rallied to our call for action, and more may join,” IMF Managing Director Christine Lagarde said in a statement Tuesday.

The Philippine commitment was made during the G-20 Leaders’ Summit in Los Cabos in Mexico on Monday, June 18. Twelve IMF member countries made commitments to support the multilateral facility.

“I salute them and their commitment to multilateralism,” said Lagarde.

“As a result, total pledges have risen to $456 billion, almost doubling our lending capacity,” she added.

Also pledging additional money were China with $43 billion, Brazil with $10 billion, India with $10 billion, Russia with $10 billion, Mexico with $10 billion, Turkey with $5 billion, South Korea with $2 billion, Columbia with $1.5 billion, Malaysia with $1 billion, New Zealand with $1 billion, and Thailand with $1 billion.

“With today's announcements by an additional 12 countries, a total of 37 IMF member countries, representing about three-fifths of total quota in the organization, have joined this collective effort, demonstrating the broad commitment of the membership to ensure the IMF has access to adequate resources to carry out its mandate in the interests of global financial stability,” said Lagarde.

The money would used for crisis prevention and resolution and to meet the potential financing needs of all IMF members.

“They will be drawn only if they are needed as a second line of defense after resources already available from quota and the existing New Arrangements to Borrow are substantially used. If drawn, they will be repaid with interest,” Lagarde noted.

IMF is committed to assuring members’ interests and resources are safeguarded, according to its managing director.

Since the start of the global economic crisis in 2007, the IMF has committed more than $300 billion in loans to its member countries. The fund has, since then, reached $456 billion.

Until 2006, the Philippines was a net borrower with the IMF. It had, since then, prepaid all its outstanding debts with the IMF– a reflection of its much-improved external liquidity position.

The Southeast Asian nation became an IMF lending member in 2010, participating in the Financial Transaction Plan (FTP) as a creditor country.

As of end2011, it contributed more than $125 million to the pool of money disbursed by the IMF to help address the financial crisis confronting economies in Europe.

It made available $251.5 million to the IMF to finance the assistance program. More than half of the amount was actually disbursed by the IMF to European countries battling the financial crisis, including Ireland, Portugal and Greece. —VS, GMA News

[Verbl Kint]

The times they are a-changin...

[chua_riwap]

so pa'no ang "terms & conditions" nyan?
magkano ang interest? siyempre pautang yan. dapat kumita ang 'pinas.

[BratPAQ]

pano yung ibang utang aside sa IMF? bayad na ba?

[chua_riwap]

pano yung ibang utang aside sa IMF? bayad na ba?

yung sa WB ata, hindi pa.
yung tubo sa IMF yun ang pambayad.......

[olidotcom]

mas malaki pala ang pina-utang ng ibang bansa... but i believe its a positive way that the Philippines is showing support to IMF... and yes.. yung interest.. pambayad ng utang.. hehehe..

[chua_riwap]

Malaysia with $1 billion, New Zealand with $1 billion, and Thailand with $1 billion.

mas mayaman ang mga yan pero $1B lang pledges nila.
tayo..... $1B din?

astig!

[shadow]

I think this is not voluntarily, tingin ko yun nag meeting last month eh pinaguusapan na countries should try to help put since Kung bumagsak Europe eh damay lahat..Saka pledge Lang naman hinde nman siguro in one lump sum ibibigay eh


Sent from my iPad using Tapatalk HD

[niky]

There were already reports last month that the Philippines had gone from being a net creditor to a net lender with the IMF. Which means our IMF loans are smaller than our IMF contributions.

Philippine debt has not been erased totally, it's just the balance sheets that have changed. Not surprising, then, that we have the ability to promise loans. $1B is actually such a paltry amount.




*Am waiting for the anti-PNoy rants... like: "Walang kuwenta yun... wala siyang ginagawa! Hindi gumaganda ang ekonomiya! Andaming walang trabaho, pero ang pera ng bayan, binibigay niya sa mga dayuhan! Ipatalsik!" :hysterical:

[hein]

As of today, P5,000,000,000,000.00 ang utang ng Pinas.