Camdessus Welcomes Philippine Exchange Rate Announcement

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Page 225

On July 10, IMF Managing Director Michel Camdessus made the following statement, in response to the announcement by the Philippine authorities that, effective July 11, the government would allow greater flexibility of the exchange rate.

This policy, which has been taken in response to recent turmoil in regional financial markets and speculative pressures, is consistent with the rapid development of the Philippines' foreign exchange market and its integration into global markets.

IMF management strongly commends the Philippine authorities for their timely and decisive action. Within the next few days, I will be asking the IMF Executive Board to approve the authorities' request for the extension of the current extended Fund facility [EFF], which was to expire on July 23, 1997. I have also indicated to the authorities that, at that time, I will recommend to the IMF Executive Board that it make available additional...