9 More Resign in Philippines
The government today announced that the central bank governor and eight other senior officials resigned in a shake-up after last month’s failed coup attempt and a mass Cabinet resignation.
Jose Fernandez, a holdover from the Ferdinand E. Marcos administration, resigned as central bank governor and as a member of the government Monetary Board. Fernandez and Finance Secretary Jaime Ongpin had been criticized in Congress for negotiating an agreement with foreign banks, signed last July, rescheduling $9.3 billion of the country’s $28-billion foreign debt. All the members of the Monetary Board, including Ongpin, also resigned, government spokesman Teodoro Benigno said.
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