THE PHILIPPINES

IMF to Be Asked to Release $250 Million: The government will ask the International Monetary Fund to release $250 million under a suspended financing program after Congress approved measures to cover the projected budget deficit. In its final session under the government of President Corazon Aquino, Congress passed five of the six remaining tax enhancement measures sought by the administration. Approval of the measures provided the government with new sources of finance that will almost cover the projected budget deficit for 1992 of about $1.06 billion. The failure of the Senate to pass a bill proposing refinements in the value-added tax system left a gap of about $38.7 million. The bill was designed to expand the scope of VAT coverage, but finance officials said it was believed that the measure would effectively create new taxes, a politically unpalatable move in an election year.