Presidential Communications Operations Office

  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Thursday, 22 October 2020 News Before 1 Feb 2012. Click for Latest
Web PIA  
 << October 2020 >> 
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
Special News Editions:
PIA Specials:
NEW! Cabinet Officials
Jobs.Slides.Specials.Ads. Events.ASEAN.Multimedia
Visitors since 15 Feb 2011:
PIA News Archive:
PIA Archive News Reader

PIA Press Release

Philippines will be off IMF monitoring in April

Manila (16 October) -- THE International Monetary Fund will let the Philippines off its post-program monitoring in April, IMF country representative Reza Baqir said Friday.

The government has been working to bring this development about for some time.

Baquir said at a media briefing on mid-2006 post-program monitoring, or PPM, discussions: "The end of the PPM is a sign of the economy's strength and a sign that vulnerabilities continue to fall ... external viability continues to improve and it is a development that we will welcome."

The PPM provides for more frequent consultations between the IMF and member countries whose funding arrangements have expired but which continue to have outstanding credit with the Fund.

For the Philippines, it had been stretched out every year since 2001 as a buffer against the government's financial problems.

Under this monitoring scheme, the IMF reviews the Philippine economic performance twice a year, the last of which was completed in early August. It can offer advice but may no longer impose on policy, such as on public sector borrowings.

In a report released Friday in Washington following the end of the mid-2006 PPM discussions on Wednesday, the IMF executive directors commended Philippine authorities for the country's strong macroeconomic performance -- including robust growth, moderating inflation, and an improved external position - and for progress in structural reforms.

"While stronger fundamentals have made the Philippines more resilient and less vulnerable to shocks, [the IMF] cautioned that important vulnerabilities remain," the report said. "Although on a declining path, the public debt is still high, with external commercial borrowing requirements continuing to be sizeable." (PIA-MMIO) [top]

|«  prev  next  »|
»NVizcaya revives 4 o’clock habit to fight dengue
»NVizcaya observes civil service month with gift-giving for the poor
»NVizcaya gives P10 million for sports complex rehab
»NVizcaya farmers receive P2.5 million for irrigation projects
»OWWA to establish migrants’ desk in Nueva Vizcaya
»Church officials seek NCCA help for lost icons
»PGMA unveils billion pesos worth of projects in Calbayog today
»Early okay of 2007 budget to sustain government's pro-poor agenda
»PRC expects flood of oath takers
»Exports up 21.3% in August; copper cathodes surge
|«  prev  next  »|

Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
For comments and feedback, please email PIA Newsdesk
Copyright © 2005 Philippine Information Agency
PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines