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.