THE PHILIPPINES
IMF Board Approves Economic Program: The board of the International Monetary Fund has approved Manila’s economic program, allowing lending to resume to the Philippines, according to Finance Secretary Jesus Estanislao. “I have received confirmation that the seal of proper economic housekeeping has been obtained by the Philippines,” he said in a memorandum to President Corazon Aquino. “The fund board approved our 1992 economic stabilization program,” he said. The program has been extended to the end of 1992. A $900-million, 18-month loan package had originally been scheduled to run until August this year. The IMF suspended lending to the Philippines last July after Manila failed to meet various monetary and fiscal targets.
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