RP extends commitment to ASEAN liquidity facility

RP extends commitment to ASEAN liquidity facility

MANILA (Reuters): Philippine central bank governor Gabriel Singson has agreed to a seventh extension of the ASEAN swap arrangement in Tokyo, a statement from the central bank said yesterday.

The extension is for one year from Aug. 5, 1998.

The Association of Southeast Asian Nations swap arrangement is a facility providing short-term liquidity for temporary balance of payments needs of participating countries.

The other countries participating in the facility are Indonesia, Malaysia, Singapore and Thailand, the central bank statement said.

The facility was created on Aug. 5, 1977. The effectiveness of the swap arrangement was initially set for five years. Member countries later entered into supplementary arrangements to extend the facility's validity.

ASEAN groups the Philippines, Indonesia, Singapore, Malaysia, Thailand, Brunei, Vietnam, Laos and Myanmar.