NEWSFLASH

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IMF EXIT FOR RP IN DECEMBER

Manila, Nov. 13, 1997 - The Philippines is set to exit from the IMF program by the end of the year.

The announcement was made by International Monetary Fund managing director Michel Camdessus, who is due here in a few days. The IMF program was to have expired at the end of June. A six-month extension would mean a December 31, 1997 exit.

Camdessus praised the Philippine government's policies which protected the country against regional economic shocks.