Philippines Participates in Asian Currency Pool

Bloomberg reports here today that thirteen Asian countries are building a massive pool of foreign-exhange reserves -- around $120 billion. The Philippines will contribute $3.68 billion, slightly less than the $4.77 billion tossed in by Thailand, Indonesia, Malaysia, and Singapore. South Korea will chip in $24 billion, and even larger sums will be added by China and Japan.

The fund is intended to protect participating countries from currency speculation and balance of payment problems.

Welcome

This is a new blog aimed at students participating in the International Economic Development Program (IEDP), a unique educational opportunity offered every year by the Gerald R. Ford School of Public Policy at the University of Michigan. Next year, students with the IEDP will be traveling to the Philippines, a sprawling, archipelagic nation in southeast Asia. More details soon.