Good News: BSP says Philippines loaned money to other nations

You know how we always hear that the Philippines is borrowing money? Well, this bit of news will surprise you. The Banko Sentral ng Pilipinas revealed that the Philippines is now a creditor nation. That’s right, the Philippines loaned money to other nations!

GMA News writes,

“With its record-level foreign exchange reserves, the Philippines since 2010 was a lender to Greece, Portugal, Ireland and other troubled economies of Europe to the tune of $251.5 million, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

The country also committed to contribute $4.55 billion to the $120-billion Chiang Mai Initiative Multilateralization (CMIM) fund put together by China, Japan, Korea, Hong Kong, and the Association of Southeast Asian Nations.”

Last year, the Banko Sentral noted that the Philippines ended with a US$75 billion dollar gross international reserve.

Cocoy (689 Posts)

Cocoy is an Internet entrepreneur, technology enthusiast, political junkie and social observer who enjoys a good cup of coffee, comic books, and tweets as @cocoy on twitter. He publishes a personal blog called The Geeking, a weblog on geekery, pop culture, and sometimes Apple, and technology. He writes for iPadPinas--- a site devoted to all things iPad. Cocoy is also the Managing Director and Editor-in-Chief of the ProPinoy Project. He regularly contributes political commentary at BlogWatch.ph. Cocoy is a founding member of democracy.net.ph, a think tank. Cocoy also helped draft the Magna Carta for Philippine Internet Freedom. Cocoy considers himself to be Liberal.


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