News Update : The Philippines Lends $1 Billion to IMF

When I heard this news, I thought it was a big joke. But when I finally read the news article, I realized that it is true indeed. For so many years our country has been a borrower and recipient of millions of dollars in loans from the different  international financing institutions and some benevolent rich countries, and now the table has been turned and we are lending money to IMF (International Monetary Fund) to save Europe from their financial and economic problems. (As BSP Governor Tetangco said in Mr. Boo Chanco's article, Demand and Supply, Philstar : it's payback time).

I never imagined our country has that much money in its dollar reserves to be able do this. (I think we should thank all the Overseas Filipino Workers and Filipino-Americans who have contributed much to these dollar reserves). By the way, have we paid all our foreign debts already? I guess every Filipino like me who doesn't know much about economics, has the same questions in their mind.

But the good thing is, this is really one very good news to hear.

Related News Link :
http://www.philstar.com/Article.aspx?articleId=820609&publicationSubCategoryId=66
About IMF :
http://www.imf.org/external/about.htm
http://www.interaksyon.com/article/36085/manuel-buencamino--miriams-primer-for-illiterate-politicians-and-critics