Being a third world country, the Philippines has been borrowing money from international sources for at least 4 decades. Not anymore. The country is now ready to lend $1 billion dollars to some European countries through the International Monetary Fund (IMF).This announcement from the Bangko Sentral ng Pilipinas received mixed reactions. Many were quick to condemn saying the administration's loan grant to IMF is hypocritical or crazy. Others view it as a gesture of gratitude and a healthy move putting the country in better position in the global financial scene. Full story here.
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