Comment from a reader on The Philippines is Changing for the Worse: If the
Philippines is doing as well as you say Bugle, why can't it stand on its own 2
feet. Why is it always begging for help, primarily from the United States and
Japan. The RP even tried begging from China but was immediately shot down. Is
there no shame in the Philippines? Will there ever be the day that we see a
sign that says "Men at Work" and we see people are actually working.
Will there ever be a time in the Philippines when traffic isn't stopped on
highways by people holding cups out for donations. Get to work Philippines,
then you may find the beginnings of an improved country. Everyone that really
wants to work has already left the place for countries that provide a better
life and opportunities to succeed!
From the Bugle: Foreign and military aid is
not begging. It’s how countries work together. When the United States borrows hundreds of billions from China, it's not begging it is selling bonds. When the Philippines helped bail out bankrupt
Europe in 2012 by lending the IMF $1 billion, it wasn't begging by Europe. Put down your beer and pick up a
Wall Street Journal sometime.
In
reversal of roles, Philippines lends IMF $1 billion to boost crisis fund
By: InterAksyon.com
June 20, 2012 9:15 PM
MANILA – The Philippines is lending the
International Monetary Fund $1 billion to help stabilize the global economy
amid the euro zone’s debt crisis, the Bangko Sentral ng Pilipinas said on
Wednesday.
"The Philippines is supporting the
global efforts to stabilize the world economy and maintain it on a growth
path. This is the reason why the
Philippines is extending a $1 billion loan to the IMF. We are a member of the
global community of nations and it is also in our interest to ensure economic
and financial stability across the globe,”
BSP Governor Amando M. Tetangco Jr. said in a statement.
Tetangco said the loan to the IMF is the
Philippines’ way of giving back to the world’s so-called lender of last resort
after it helped the country address its financial difficulties in the past.
The Philippines had been a net borrower
from the IMF for almost 40 years until the country finally settled its loans in
2006.
“Today, our economic fundamentals are
sound, our banks are able to meet domestic credit needs, and we are capable of
lending $1 billion from our international reserves to the IMF,” Tetangco said.
“This is a loan to the IMF and we will get
our money back with interest. In effect, by extending a loan to the IMF that
will earn money for the Philippines we are also able to help other nations
saddled with financial problems. Other nations have also committed to help IMF
address the current financial crisis,” he added.
The $1 billion the Philippines lent the IMF
forms part of the $456 billion crisis fund that the lender secured from its
member-nations to help insulate the global economy from any spillover from the
euro zone’s financial difficulties.
The definition of beg is: "to ask for something, typically food or money or assistance, as charity or a gift." This is what the Philippines is famous for and they typically pay little, if anything, back.
ReplyDeleteForeign countries invest in the United States because the US has an impeccable record of negotiating bonds with interest.
The Philippines is a sinkhole and if it fell off the face of the earth, it would be a net gain economically for the world community. If the US ever defaulted, which it never will, the dependent world economy would go into immediate depression. Bugle, get your facts straight for once!