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GLORIA MACAPAGAL WANTS AMF, AN ASIAN VERSION OF IMF

Tokyo, Nov. 8, 1997 - Senator Gloria Macapagal-Arroyo has called for the creation of an Asian counterpart of the International Monetary Fund and asked the assistance of Japanese parliamentarians too make it possible.

At a meeting with the Japan-Philippine Parliamentarian Friendship League, she said an Asian Monetary Fund will be an alternative source for Asian economies to the IMF for currency stabilization, just as the Asian Development Bank was established to give priority to Asian countries aside from the coverage of the World Bank.

"The Asian Monetary Fund will suit the region's peculiarity, " she added, "and with Japan's involvement, the new institution would harness its role as an economic colossus."

One parliamentarian reacted and suggested that the stability of Asian currencies should be based on the Japanese yen. Another countered that it would still be important for the United States to be persuaded into assisting in the creation of the Asian Monetary Fund.

Senator Arroyo said, "Given the economic links between Asian countries and the United States, it would be vital to reassure the Americans that they are still welcome and important in Asia."