Wednesday, February 22, 2012
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Posted on Wednesday, February 22, 2012
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.
This post was written by: Mark Ferdinand Tayag
Makoy is a Senior Software Engineer based in Singapore. He enjoys cooking, swimming, running and taking photos. Makoy started blogging way back 1998 during his College years. Aside from his personal blog, he maintains a music blog, an entertainment blog, making money online blog and a photo blog. A certified Filipino blogger that wants to dominate the blogosphere.
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