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From butt of jokes in 1986, Philippines has risen to creditor nation, says ex-finance chief

By Tonette Orejas
Inquirer Central Luzon
Tuesday, February 28th, 2012

CITY OF SAN FERNANDO—Who is having the last laugh now?

The joke going around the world in 1986 was that the Philippines had no money but it had a ministry of finance.

This is no longer true, the finance secretary during the Corazon Aquino administration, Jesus Estanislao, said here Saturday during observance rites of the 26th anniversary of the People Power Revolution.

The Philippines is now a creditor, rather than a debtor, nation, said Estanislao.

The biting joke about the Philippines was sprung on Estanislao when he went to Italy, Spain and other rich countries in 1986 to borrow money to revive the Philippine economy following the ouster of strongman Ferdinand Marcos.

Estanislao was chairman of the Development Bank of the Philippines then.

“In one country, I was supposed to meet the minister of snow. I said, ‘How can you have a ministry of snow when you do not have snow?’ And an official said to me, ‘In the Philippines, you don’t have money but you have a ministry of finance.’”

“Twenty-six years ago, we had no international reserves, we couldn’t pay our debts and we kept borrowing. Now our reserves amount to $80 billion and we have lent $500 million to the [International Monetary Fund] that in turn lent the money to Spain and Italy,” he said.

more at: http://newsinfo.inquirer.net/152897/

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