ASEAN KEY DESTINATIONS
Philippines wants more clout at IMF
What needs to be done is really to go through the mechanics as well as the details of how this can be drawn up and implemented. It has been up for discussion," Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr., who came from an IMF meeting in the US, said.
Manila's special drawing rights (SDRs) at the IMF amounted to P879.9 million, with voting rights of 0.41 percent.
SDRs are international foreign exchange reserve assets that represent a claim to foreign currencies that may be exchanged in times of need.
Members' quotas are reviewed periodically at intervals of no more than five years to assess the adequacy of quotas in terms of its own ability to help meet the financing needs of members.
Changing the quota of votes at the IMF is one of the key topics at the annual meeting this year, Tetangco said.
He said the increase in representation must take into account the gross domestic product and the share in foreign trade, among others.
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