NEWSFLASH

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RP EXITS IMF PROGRAM IN MARCH

Manila, Feb. 26, 1998 - The Philippines has fulfilled the last component of its economic restructuring program and will exit from IMF supervision by March 30, 1998.

This was announced by Speaker Jose de Venecia after a breakfast meeting with a team of officials of the International Monetary Fund and the Bangko Sentral ng Pilipinas. Present at the meeting were IMF executive Margaret Kelly and BSP Governor Gabriel Singson.

De Venecia said Kelly confirmed that the Philippines is now eligible to graduate from IMF regulation after 35 years of supervision.

"After our exit from the IMF on March 30, we will enter into a precautionary arrangement with the IMF," De Venecia said.

The last stumbling block to the country's exit from the IMF was removed with the implementation of the new Oil Industry Deregulation Law.

Kelly was briefed by Speaker de Venecia on the government's commitment to post a budgetary surplus by the end of the term of President Ramos on June 30.

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