Philippines: Economy refocus

If it succeeds, Philippines will be one of the beneficiaries including the other 99 heavily indebted countries. Jose de Venecia’s program called “debt-for-equity-in-investments” ^[1] has won Kofi Annan’s endorsement “as a creative way of approaching the issue” ^[2], as well as from the Italian and German governments. The JDV’s proposal also sparked the interest of the Paris Club, the British Treasury, the Organization of Petroleum Exporting Countries, Latin American Bank, and the Asian Development Bank.