Philippines says World Bank pledges $10B for Asia

The Associated Press ,  Manila   |  Wed, 10/15/2008 11:34 AM  |  Business

The Philippine president says Asian finance officials have agreed to put up a standby facility to help countries who may suffer liquidity problems, with the World Bank committing US$10 billion.

President Gloria Macapagal Arroyo said Wednesday the agreement has been reached in Washington after a meeting of finance officials from the 10-member Association of Southeast Asian Nations and their partners from Japan, China and South Korea.

She said the fund will help ASEAN countries with severe liquidity problems as a result of the global financial crisis.

Arroyo said the fund can be used to purchase bad assets and recapitalize troubled financial institutions and private companies.

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