RP may remain under IMF

RP may remain under IMF

MANILA (AFP): The Philippines may not exit from the monitoring of the International Monetary Fund (IMF) even after its "precautionary arrangement" with the fund expires in eight months, central bank chief Rafael Buenaventura said here Wednesday.

"We live in volatile, interesting times," said Buenaventura, adding "an IMF seal of good housekeeping is something you need during extraordinary times."

The Philippines was supposed to have exited from more than three decades of IMF tutelage in 1998.

However, monetary and finance officials almost immediately entered into a US$1.4-billion, two-year standby facility to be able to cope with the Asian financial crisis.

This standby facility expires in March and other officials have earlier said it will not be renewed.

Earlier this month, the IMF approved the release of a US$213.5-million installment of that facility.