Announcement of the Philippines Signs MIGA Convention on September 15, 1986

FOR IMMEDIATE RELEASE - World Bank 1818 H Street, N .W _, Washingto n, D .C. 20433 , U.S.A. BANK NEWS RELEASE Contact: Carol Stitt (202) 477-5322 THE PHILIPPINES SIGNS MIGA CONVENTION ,.,, ~ WASHINGTON, Sept. 15 -- The Philippines today signed the Convention Establishing the Multilateral Investment Guarantee Agency (MIGA), raising the number of prospective members to 42, including all of the large industrial countries. The signatory nations are meeting at the World Bank headquarters this week as the new agency's Preparatory Committee to define in detail its policies and operational programs. MIGA is to promote productive foreign investment in developing countries through guarantees, policy consultations and technical assistance. Minister of Finance Jaime Ongpin signed for the Philippines. The Philippines' subscription is to be about US$ 85 million, of which 10 percent will be in cash, 10 percent in a promissory note, and the balance callable. Capital subscriptions are payable only after a country formally binds itself to join the Agency by ratifying the Convention. - 0 -