BSP says Philippines loaned money to other nations

Tuesday, July 03, 2012


Is this true?  We always hear that the Philippines is borrowing money to the WORLD BANK? And now hearing news that the Banko Sentral ng Pilipinas revealed that the Philippines is now a creditor nation? 

That’s right, the Philippines loaned money to other nations!

GMA News writes

“With its record-level foreign exchange reserves, the Philippines since 2010 was a lender to Greece, Portugal, Ireland and other troubled economies of Europe to the tune of $251.5 million, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.
The country also committed to contribute $4.55 billion to the $120-billion Chiang Mai Initiative Multilateralization (CMIM) fund put together by China, Japan, Korea, Hong Kong, and the Association of Southeast Asian Nations.”

IMO, Philippines is a rich, rich, very rich country.  But full of corrupt politicians...not all but almost.  Sorry to say that it is just my personal opinion.  We lend money to other nations but we forget to lend or give money to the poor kababayan's who need our HELP.
Help our Kababayans First before we extend our help to other's!!!

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