Wednesday, February 22, 2012

Philippines Now A Creditor To European Countries

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Posted on Wednesday, February 22, 2012

Philippines Now A Creditor To European Countries
This news actually made my brows to raise. How can it be possible that my country known for its list of foreign debts is now a creditor to European countries. This was actually reported today by the Central Bank of the Philippines.

The Philippines became a creditor in the International Monetary Fund (IMF) in 2010 with its high foreign exchange reserves of $63.4 billion reversing its membership from borrower to country-creditor. The Philippines as well has prepaid all of its outstanding debt to the IMF ending its 45 years of lending history.

By the end of 2011, the Philippines has infused a total of $251.1 million to the IMF. The BSP has added that the half of the amount made by the Philippines went to European countries like Ireland, Portugal and Greece.

With these much reserves, the HSBC prediction might come true.

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