NEWSFLASH

---

IMF EXIT DELAYED

Manila, Dec. 22, 1997 - The International Monetary Fund has decided to delay its final review of the Philippine economy until the middle of next month.

In a press briefing, Bangko Sentral ng Pilipinas governor Gabriel Singson said the IMF board decided to meet on January 16, instead of at the end of this month, to await the passage of the oil deregulation law and the end-year fiscal position of the national government.

Acting Finance Secretary Milwida Guevarra said IMF was assured that the government would maintain a prudent fiscal program next year, one that will improve revenue collection while prioritizing expenditures.

The Philippines has been under IMF supervision for 35 years, and is now awaiting "graduation" from the IMF program.

---