RP to get $2 billion aid

RP to get $2 billion aid

MANILA (Reuter): The Philippines is set to raise around US$2 billion in aid from foreign donors at a meeting to be held in Paris next month, Finance Secretary Roberto de Ocampo said in a statement yesterday.

De Ocampo, in a report to President Fidel Ramos, said positive developments such as the 4.84 percent growth in gross national product (GNP) in the first quarter would help the country get more funds for crucial projects from donors.

The consultative group (CG) of donors to the Philippines will meet on July 21-22 in Paris.

"The CG meeting will be a time for us to show our donors that the Philippine economy is indeed ready for takeoff and that this government is strongly committed to implement whatever measures are necessary to sustain growth," he said.

The donors will be meeting for the fourth time since the government established in 1989 the Philippine Assistance Program which serves as the formal venue for pledging official aid to the country.