IMF chief coming to see how PH can help


03:08 AM November 4th, 2012


International Monetary Fund (IMF) chief Christine Lagarde reacts during a news conference at the IMF and World Bank’s annual general assembly in Tokyo, Thursday, October 11, 2012. AP/Itsuo Inouye

MANILA, Philippines—International Monetary Fund (IMF) head Christine Lagarde will visit the country this month to discuss the role of emerging economies in helping resolve global economic woes.

The IMF made the announcement as it scheduled meetings between its top official and the Philippines’ key government officials. The IMF managing director will also meet the Philippine media in a press conference.

Lagarde is also expected to reiterate IMF support for the reforms being pushed by the Philippine government to accelerate the domestic economy’s growth.

These reforms include higher taxes on cigarettes and alcohol, the lifting of unnecessary tax incentives for businesses, and administrative measures to shore up tax collection.

The IMF likewise supports calls to amend the Bangko Sentral ng Pilipinas (BSP) charter with the aim of further improving its ability to manage liquidity within the economy and to supervise the country’s banks.

In particular, the BSP wants to be able to trade its own bonds and have its examiners exempted from the Deposit Secrecy Law to better determine irregularities in bank transactions, among other things.

Unlike some countries visited by IMF officials, the Philippines is not expected to seek financial assistance from Legarde. The country, which has $82 billion in foreign exchange reserves, is now a creditor to the IMF.

In June, the BSP said the country was lending $1 billion to the IMF, which would use the money to help crisis-stricken economies in the euro zone.

Lagarde’s visit to Manila follows her trips to other Asian countries. She went to China and India in March, and Indonesia, Japan and Thailand in July.

Lagarde is the first woman managing director of the IMF. She began her five-year term as head of the IMF in July last year following the resignation of Dominique Strauss-Kahn.

Prior to her stint as IMF managing director, Lagarde held various positions in the French government. She was the first woman finance minister for a G8 economy.

In 2009, the Financial Times named her best finance minister in the euro zone. In 2011, she was ranked by Forbes magazine as the 8th most powerful woman in the world.

Disclaimer: Comments do not represent the views of We reserve the right to exclude comments which are inconsistent with our editorial standards. FULL DISCLAIMER
  • blainz

    Finally, an IMF visit that won’t be a lecture (from them, that is). The Philippines is getting some serious, and positive, attention from the world financial community. A few more years like this and we’ll leave that “Sick Man of Asia” tag behind, hopefully forever.

    Off-topic: The EU must be in really bad shape that the IMF Chief dressed like a superhero.

  • iping2sison

    So many dignitaries are lining up to visit PH. I take my hat off to Pnoy’s transparent and good governance. Mabuhay!

  • inca

    Indeed, it is time to lend a helping hand. Thanks Pnoy! You lead Us in this era of helping others.

  • pinoysadubai

    this is indeed a good news! 

  • Bring back Phils Glory. Unite.

    cool…salamat po aming presidente!

  • juncas

    nice to read some comments from some of our kababayans who were delighted and even praised the news but there still many who were not happy and very pessimistic. just keep going those who are grateful with what we achieved right now and just ignore those who are arrogant and ungrateful.

    • Edgardo Cabasi Elaurza

      Before i almost lost my hope about our country but the way the Pnoy government manage the country’s economy, the fiscal policy and the fight against corruption, the Philippines has emerge and a new tiger Asean economy with lots of positive outlook and credit upgrades from international agencies. Now i feel upbeat of the future our our country. As Almendras said “good governance is a good economy”. We should pray for P-noy and hid government to continue doing the good job and put the countries interest in all whatever they do. God bless the Philippines and the Filipino people. Mabuhay!

  • Walaparintatalosaalaska

    we may still have debts thru World bank and ADB. nonetheless, clearing the country’s name from the IMF books is indeed a milestone for our nation. its only fitting that we should not forget to be thankful to the heavens above. In spite of the corruption and massive borrowings incurred primarily during the dictator’s era and the administrations that followed, we owe everything to HIM, that the government and its people can now take a good look at the blessings which it has finally received. however the glory does not end here, instead, it can only be trully achieved once every public official and business leaders adheres to the basic responsibility their positions carry – that is to help uplift the majority of the poor filipinos. 
    the good work has only begun. cheers!

  • lagalag

    I’m proud of being Filipino, tuloy tuloy lang.Magtulong tulong tayo para sa kinabukasan at patuloy na pag unlad,its only Us that will help our country.

    No more crab mentalities,sana lahat positive vibes.

    Sulong Pilipinas, this time aahun na tayo sa pagkalugmok at kahirapan. As OFW I’m looking forward to be home someday.

    GO GO Philippines.

    • OFW28

      Like your post! tuloy-tuloy na ito habang andyan mga economic managers ni Pnoy sana mas mabilis ang ating pag-unlad. God bless our country!!! In sha’Allah!!!

      • lagalag

        Tulad mo OFW din ako and nagtrabaho tayo outside Philippines to help our families back home. Our life abroad is not permanent, sooner or later uuwi rin tayo and sana pag uwi natin magandang ekonomiya ang naghihintay.

        This time around nag try ako for Online Stock dahil may kumpyansa at tiwala ako sa namumuno natin. Yong konting kung pera lumago at kumikita mas malaki kesa banko.

        Mas masarap mabuhay sa sariling bayan kasama mo ang iyong magulang at kaibigan.

        Tama ka kaibigan darating ang panahon ating ipagbubunyi ang ating bayang sinilangan.


  • NoWorryBHappy

     I’ve never dreamed of this day in my lifetime. That the world would come to our shores to ask
    how we can help. What an honor. It makes me proud. Under the Marcos
    dictatorship, we would go to the IMF to beg for more debt which
    unfortunately went to the pockets of government thieves. Even under Ms
    Arroyo’s presidency, we were never shown this respect. Who would have
    thought it would take a Noynoy Aquino to regain our honor and rightful
    place in the league of free nations ? Again, we have put our finances in
    order and have focused on good governance. We still have lots of work
    to do for the future generations of Filipinos. Mabuhay tayong lahat !

For feedback, complaints, or inquiries, contact us.