IMF okays RP GNP target

IMF okays RP GNP target

MANILA (AFP): The International Monetary Fund (IMF) has
endorsed a 5 percent Philippine gross national product (GNP)
growth target for 1999 to follow a 3.0 percent expansion for
1998, a Filipino official said Friday.

The GNP targets were among key figures to be supported by
Manila in hopes of obtaining a two-year, US$1.6 billion standby
loan from the IMF, Finance Secretary Salvador Enriquez told
reporters.

Philippine economic officials concluded talks earlier this
week with an IMF mission that was evaluating Manila's compliance
with conditions underlying a three-year, 684 million-dollar IMF
extended fund facility.

Central Bank of the Philippines governor Gabriel Singson said
Wednesday that the mission is to recommend to the IMF board in
Washington next month Manila's exit from the three-year program
on March 31, along with the standby loan which the government
described as a precautionary arrangement in light of the Asian
financial crisis.