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.