NEWSFLASH

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RP PROPOSES DOLLAR-LESS TRADE AMONG ASIANS

Manila, Jan. 12, 1998 - The Department of Foreign Affairs is proposing that Asian countries hit by the currency crisis should "swap" or "barter" goods amongst themselves using their respective currencies and not the US dollar.

The proposed arrangement is expected to help Asian countries cope with the economic downtrend sweeping the region.

The countries being eyed for participation in the dollar-less trade are Indonesia, Malaysia, Singapore, Thailand and the Philippines.

A DFA official described the scheme as "a variation of the Philippines First policy, except that in this case, it is an Asia First Policy. We will buy less good from outside the participating countries."

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