The Philippine government and the International Monetary Fund (IMF) have just recently agreed on an Extended Fund Facility(EFF) where in the country could draw up to $650million in loans over three years. Before the EFF agreement, the Philippine government had already put in place an Economic Stabilization Program which was supported by the 18-month Stand-by-Arrangement (SBA) approved by the IMF Executive Board on February20, 1991. The SBA, which was originally due to expire in August1992, was extended to December31, 1992 at the request of the Philippine government, and subsequently to March31, 1993. Since expiration of the SBA by March, 1993, the country has been without any IMF Program. Table 1 shows the difference between EFF (Extended Fund Facility) and SEA (Stand-by-Arrangement).