NEWSFLASH

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WEALTHY NATIONS SHOULD HELP ASIA -- FVR

Cebu City, Jan. 13, 1998 - President Ramos called on wealthy nations to extend more financial help to bail out distressed regional economies facing further economic crisis.

The President made the call during a press conference, saying the currency turmoil engulfing East Asia has started to affect world trade, commerce and tourism.

"Everybody will suffer. The wealthy ones can help," he said, as he noted that the ASEAN member-countries as well as APEC have adopted the Manila Framework designed to address the currency turbulence.

In turn, the world economic giants like the United States, Germany, Canada, Australia and the European Union should "constitute the second line of defense by way of making additional capital or credit or funds or financial arrangements available, especially to us here in Asia," the President added.

Mr. Ramos warned of dire consequences should the crisis continue unabated. "Now is the time for them to help because eventually, unless they help, the contagion is really going to hit them hard also because of the slow down of world wide trade, commerce and tourism," he explained.

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