Saturday, June 23, 2012

Commentary, Challenges and Encouragement for extending $1B loan to IMF by the Philippines


Commentary, Challenges and Encouragement for Extending 

$ 1B loan to IMF by the Philippines 

By Elmer R. Esplana,  Socio-economist, Interdisciplinary Researcher  and Social Entrepreneur,  June 23, 2012

For any comments on the article, please email me at digitalpinoy2038@gmail.com or text me at +63922-8117367



Let me share this good news to you.


Philippines to extend $1B to IMF


Wednesday, June 20, 2012
THE Philippines will extend $1-billion loan to the International Monetary Fund (IMF) to support the global efforts to stabilize the world economy and maintain it on a growth path, the central bank said on Wednesday.
"We are a member of the global community of nations and it is also in our interest to ensure economic and financial stability across the globe," said Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr.
The Philippines is a member of the IMF, which uses the contributions from its members to provide loans to countries going through financial difficulties to minimize its adverse impact on their people.
For nearly 40 years until 2006, the Philippines itself was a net borrower from the IMF.

The Philippines fully paid its loans to IMF in December 2006 as the implementation of continuing reforms have made the local economy stronger, Tetangco said.
He said the country's economic fundamentals are now sound, the local banks are able to meet domestic credit needs, and the central bank is capable of lending $1 billion from its international reserves to the IMF.
"This is a loan to the IMF and we will get our money back with interest. In effect, by extending a loan to the IMF that will earn money for the Philippines we are also able to help other nations saddled with financial problems. Other nations have also committed to help IMF address the current financial crisis," Tetangco said. (SDR/Sunnex)
Source:

Commentary
This good news is something to be noted by each one, specially by our fellow Filipino citizens. At least the Philippines has been learning to take the social responsibility aspect of helping also other countries, in the process of extending this loan to International Monetary Fund (IMF). Hopefully,we can also have the equivalent institution that provides Official Development Assistance (ODA) to other countries, as our equivalent institution that handles the economic, development and humanitarian assistance to other countries in need of our support in the likes of Japan International Cooperation Agency (JICA), Korea International Cooperation Agency (KOICA), Australian Agency for International Development (AusAID), United States Agency for International Development (USAID). 

Challenges
Can the Philippines be included to the listing of "developed" country or "more economically developed country" in the succeeding 20 to 30 years or longer years than that e.g., another 50 years or a centennial year, if the current improvement or development in the Philippine economy will continue? 

Encouragement 
I am encouraging my fellow FILIPINOS to collectively contribute in our goals to further improve the Philippines economy in the succeeding years to come, by maximizing the utilization of technical skills/expertise, entrepreneurial ability/business management capability, capital resources, scientific and technological facility and infrastructure to the fullest in further developing the country's economy. God is good all the time! I love the Philippines! Mabuhay ang Pilipinas! Mabuhay ang Filipino! Pilipinas Yan!

Statement of Pledge for the Philippines

"We, the citizens of the Philippines and inhabitants of this country, PLEDGE OURSELVES as one united people, regardless of language and local dialect, provincial, regional and  racial differences, political affiliation, and religion; to build a democratic, God-fearing, peace-loving, collaborative and interdependent society based on justice (we need to strengthen the justice system and implementation of laws, policies, rules and regulations, etc.), equality (let’s all work together as a team and become a team player with our individual inclination, talent, skill, expertise), good governance (transparency, accountability, performance, competence, etc.), nationalism, discipline, participation, prayer, faith and sacrifice, so we can contribute for the advancement of our country's societal challenges, needs and concerns (family, work, profession, economic, social, political and spiritual aspects, etc.) at the right time, right place and with the right purpose; and to aim to become “Champion” in the individual God-given calling that we are in, so as to achieve happiness, prosperity and progress for our nation." - Agrikulturang Maunlad, February 28, 2011