PH government set to lend $1 billion to IMF to help ailing economies in Europe

Inquirer.net reports that on Friday, June 22, the "Aquino administration’s pledge to lend $1 billion to the International Monetary Fund (IMF) on Friday drew mixed reactions.

Inquirer.net reports that on Friday, June 22, the "Aquino administration’s pledge to lend $1 billion to the International Monetary Fund (IMF) on Friday drew mixed reactions.

 

The report quoted the statement of the Kilusang Mayo Uno (KMU), which read: "Planet Earth to the Aquino government: The Philippines is still a poor country." The report also noted: "On the other hand, an administration ally in the House praised the government for agreeing to pitch in to the IMF's fund-raising efforts to bail out tumbling economies in Europe."

 

According to the report, among those who lauded the administration’s move was Valenzuela Rep. Magtanggol "Magi" Gunigundo. The lawmaker said, "We will earn interest and help our kababayans or overseas Filipino workers in Europe to keep their jobs by helping their economies survive the current turmoil. If Europe's economy falls, our OFWs in the region will lose their jobs not to mention our exports will also fall."

 

For more on this story, log on to Inquirer.net.

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