Philippines Gives US$1 Billion Loan to IMF

Malacañang defended on Tuesday the Bangko Sentral ng Pilipinas’ decision to loan US$ 1-billion to the International Monetary Fund which would use the loan to help countries, specifically those located in Europe, affected by the global economic downtrend.

In a briefing in Malacañang, Presidential Spokesperson Edwin Lacierda said it was “in our interest” to help a sizeable number of overseas Filipino workers (OFWs) who work and live in Europe.

He added that the OFWs would be adversely affected should the economy of the country they work and live in continues to slowdown.

“It’s in our interest to protect — to help those economies because we have a substantial number of Filipinos there,” Lacierda said.

And tingnan na lang ay kung bumabagsak… Kung ang simpleng pagbagsak lang po ng dollar sa peso ay marami ng nangangamba. Ano pa kaya kung biglang nawala ang mga OFWs natin sa Europe at pinauwi silang lahat dahil wala ng trabahong maibibigay sa Spain, sa Italy,” he added.

He assured Filipinos that the loan was not a waste of money as it is meant to help a fellow country in need.

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