NEWSFLASH

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RP SEEKS BACKUP PLAN AFTER IMF EXIT

Manila, Nov. 17, 1997 - The Philippines has asked the International Monetary Fund for a "quick response" standby facility in case of unforeseen crises after its scheduled exit from IMF supervision at the end of the year.

Philippine officials suggested the standby arrangement with the IMF during the dinner hosted by President Fidel Ramos for visiting IMF Managing Director Michel Camdessus.

"We discussed what will happen after we exit and there are many alternatives," said Finance Secretary Roberto de Ocampo. "It may be a good idea, as in the case of other countries that have a standby facility that can be drawn down quickly in case of emergencies without needing a full-blown program."

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