Tetangco Welcomes Expansion of IMF Surveillance Mandate over Its Members

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MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) welcomed the International Monetary Fund's expansion of its surveillance mandate to improve its oversight of the global economy.

"Improvements in surveillance are always welcome, especially moves to incorporate domestic policies," BSP Gov. Amando M. Tetangco Jr. said in a statement.

The IMF's executive board will make permanent a pilot program that studies how some countries' policies may be harming other economies and threatening to destabilize the global system of trade, finance and output. The new oversight tools, according to IMF Managing Director Christine Lagarde, are "important steps in rebooting the …