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Philippines' creditor status signals better financial standing: official

02-22-2012 16:38 BJT

MANILA, Feb. 22 (Xinhua) -- The Philippines' entry on the creditors' list of the International Monetary Fund (IMF) was an indication of the international community's confidence in the country's financial standing, a senior government official said on Wednesday.

Philippine Presidential Spokesman Edwin Lacierda said in a regular press briefing, while the country is still facing a deficit, there had been big improvements in the Philippines fiscal standing which even credit rating agencies had acknowledged.

"We welcome that, from a borrower nation to a creditor nation. That's a big jump and we're certainly proud of the recognition by the international financial community of the significant steps that we've taken in improving our financial system," he said.

The Philippines contributed 250 million U.S. dollars through the International Monetary Fund's financial transaction plan (FTP) which is a mechanism by which the Fund finances its lending and repayment operations through a transfer of foreign exchange from members with strong external position to borrowing members.

Presidential Communications Development and Strategic Planning Secretary Ramon Carandang said that the Philippines' contribution is actually an annual obligation of the member countries of the IMF, but the difference now is that the country has not borrowed from the Fund unlike in previous years.

Editor:Wang Lingfei |Source: Xinhua

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