NEWSFLASH

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NO NEED FOR RP IMF PROGRAM EXTENSION

Manila, Nov. 16, 1997 - Despite the failure of the Philippines to meet vital conditions, the country will still exit from the International Monetary Fund program at the end of the year.

This was the assurance given by visiting IMF chairman Michel Camdessus, who is touring Southeast Asia for talks on the currency crisis in the region.

Camdessus told a news conference that he will meet with top Philippine economic and legislative officials later to get their assessment of the country's situation.

The Philippines has been under IMF stewardship for more than 30 years, and is trying to pull itself out this year. However, a tax reform package considered crucial to the completion of the program remains pending in Congress and the Supreme Court had struck down an oil law also vital to the package.