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Philippines to Loan One Billion Dollars to the IMF

One Billion Dollars Loaned to the IMF by the PhilippinesSo, our government will loan one billion dollars to the IMF? The Bangko Sentral ng Pilipinas stated that the government has the capability to do so because we apparently have a $77 billion dollar reserve in the BSP. This makes me wonder, so we have all that money and we still have unrepaired and dilapidated classrooms, informal settlers everywhere, and a whole other problems which can at least be mitigated if at least 30% of the money sleeping in the BSP can be disbursed and allocated for. Well, good going Philippines.

Anyway, the credit is said to help bail out the European Union which is currently in financial turmoil. Other ASEAN countries like Malaysia and Vietnam  have also loaned a billion dollar to the IMF. I really don’t know how to feel about this but one thing’s for sure, we should worry about our own problems first.

About the author

Howard Chan (The Student)

Howard considers himself as an armchair activist. Though his street rally days are in a slumber he still advocates changes via social media. He is a strong believer that awareness of various social issues is a good starting point in order to break out from the stranglehold of an oppressive system which only benefits the few. He is also a full time student and a part time blogger, part time web designer, part time web manager/designer for various clients. (Note: Howard Chan passed the 2014 Bar Exams and was admitted to the Philippine Bar on April 29, 2015. That being, all posts after April 29, 2015 authored by him are now under the name Howard Chan for the purpose of distinguishing posts he made as a non-lawyer from posts he made after admission to the bar).

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