MANILA, Philippines (The Adobo Chronicles® ) – The Philippines is lending the International Monetary Fund (IMF) $1 billion to help stabilize the global economy amid the euro zone’s debt crisis, the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) 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.
In order to lessen the negative impact of this loan on the Philippine economy, President NoyNoy Aquino asked the Filipino people to institute austerity measures, including:
- Reducing their daily meals from three to two, and to avoid eating rice altogether
- Turning off airconditioners in homes, malls, offices, and cars from 10am to 6pm, 7 days a week
- Save on gasoline by driving their cars only on Tuesdays, Thursdays and Saturdays
- Using candles or gas lamps to light up their homes from 8pm to midnight
- Avoid charging cell phones, tablets and other mobile devices on Mondays, Wednesdays and Fridays
- Avoid taking long showers and, if possible, limiting them to three times a week
In addition, Aquino issued an executive order mandating that all government offices and hospitals be closed on Wednesdays. Police and firefighters nationwide will be asked to take a mandatory day off every Friday. Also, all ongoing road repairs and improvement work on the MRT (light railway system), will be suspended immediately.
He also urged all elected officials and members of his cabinet to reduce their plunderous activities by at least 15 percent . At the same time, he asked the Philippine Catholic Church to donate 10 percent of its Sunday collections to the government.
Aquino said that this is a time for all Filipinos to do their share in ensuring that the country’s economy will continue to remain robust while maintaining the Philippines’ reputation as the new “Darling of Asia.”