The IMF and the Philippines: Anatomy of a Third World Debt

The International Monetary Fund (IMF) is one of the most influential specialized economic agencies in the context of post-war international relations. The IMF’s practice had become an important cornerstone in the creation of rules of customary law in the field of international rehabilitation and deb...

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Main Author: Candelaria, Sedfrey M
Format: text
Published: Archīum Ateneo 1992
Subjects:
Law
Online Access:https://archium.ateneo.edu/ateneo-school-of-law-pubs/21
http://ateneolawjournal.com/main/varticle/427
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Institution: Ateneo De Manila University
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spelling ph-ateneo-arc.ateneo-school-of-law-pubs-10202022-03-28T05:37:37Z The IMF and the Philippines: Anatomy of a Third World Debt Candelaria, Sedfrey M The International Monetary Fund (IMF) is one of the most influential specialized economic agencies in the context of post-war international relations. The IMF’s practice had become an important cornerstone in the creation of rules of customary law in the field of international rehabilitation and debt arrangements. Following the 1982 international debt crisis, the law of the IMF becomes significant to the Philippines as a third-world country. Currently, the Philippines have consistently hurdled IMF performance reviews, entitling it to receive debt relied deals and assistance from foreign lenders under the economic stabilization program (ESP). In addition to this, the government has based its economic policy on the ESP for the year 1992. The Legislature, however, intends to place a debt cap on foreign debt payments, since the Philippines experiences difficulties in meeting these obligations. This debt cap, which is subject to approval by the Executive, is in danger of not having the President’s support. In light of the present day difficulties of debtor states to meet these foreign obligations, the IMF, instead of being a mere broker for international creditors, should take a more activist role by reviewing its stand-by arrangement policies to aid debtor states in adjusting to these obligations. 1992-01-01T08:00:00Z text https://archium.ateneo.edu/ateneo-school-of-law-pubs/21 http://ateneolawjournal.com/main/varticle/427 Ateneo School of Law Faculty Publications Archīum Ateneo International Economic Law International Law Law
institution Ateneo De Manila University
building Ateneo De Manila University Library
continent Asia
country Philippines
Philippines
content_provider Ateneo De Manila University Library
collection archium.Ateneo Institutional Repository
topic International Economic Law
International Law
Law
spellingShingle International Economic Law
International Law
Law
Candelaria, Sedfrey M
The IMF and the Philippines: Anatomy of a Third World Debt
description The International Monetary Fund (IMF) is one of the most influential specialized economic agencies in the context of post-war international relations. The IMF’s practice had become an important cornerstone in the creation of rules of customary law in the field of international rehabilitation and debt arrangements. Following the 1982 international debt crisis, the law of the IMF becomes significant to the Philippines as a third-world country. Currently, the Philippines have consistently hurdled IMF performance reviews, entitling it to receive debt relied deals and assistance from foreign lenders under the economic stabilization program (ESP). In addition to this, the government has based its economic policy on the ESP for the year 1992. The Legislature, however, intends to place a debt cap on foreign debt payments, since the Philippines experiences difficulties in meeting these obligations. This debt cap, which is subject to approval by the Executive, is in danger of not having the President’s support. In light of the present day difficulties of debtor states to meet these foreign obligations, the IMF, instead of being a mere broker for international creditors, should take a more activist role by reviewing its stand-by arrangement policies to aid debtor states in adjusting to these obligations.
format text
author Candelaria, Sedfrey M
author_facet Candelaria, Sedfrey M
author_sort Candelaria, Sedfrey M
title The IMF and the Philippines: Anatomy of a Third World Debt
title_short The IMF and the Philippines: Anatomy of a Third World Debt
title_full The IMF and the Philippines: Anatomy of a Third World Debt
title_fullStr The IMF and the Philippines: Anatomy of a Third World Debt
title_full_unstemmed The IMF and the Philippines: Anatomy of a Third World Debt
title_sort imf and the philippines: anatomy of a third world debt
publisher Archīum Ateneo
publishDate 1992
url https://archium.ateneo.edu/ateneo-school-of-law-pubs/21
http://ateneolawjournal.com/main/varticle/427
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