Philippines maintains net creditor to IMF – report

The Philippines decided to maintain its net creditor position in the International Monetary Fund (IMF), reflecting the country’s strong macroeconomic fundamentals, as per a recent statement published on Wednesday.

The Bangko Sentral ng Pilipinas (BSP) announced that the Monetary Board approved the Philippines’ continued participation in the IMF’s Financial Transactions Plan (FTP) for the period August 2024 to January 2025.

The FTP is a currency exchange arrangement that allows the IMF to facilitate lending operations to other member countries. Participating members receive interest payments, known as remuneration, from the IMF.

To be included in the FTP, a country must have a strong balance of payments and reserve position, stable exchange and financial markets, and adequate international reserve assets.

The central bank noted that the Philippines’ strong external position, including ample gross international reserves, has qualified the country for continued participation in the FTP.

Attribution: Bangko Sentral ng Pilipinas (BSP) report