As a consequence, government had BIS central bankers’ speeches  1  to ration scarce foreign exchange by prioritizing importation of critical commodities such as oil, medicines, and dairy products. The credit squeeze also pushed domestic interest rates higher, with housing loans going for over 30%. It was during this period when many Filipinos went overseas to find better opportunities.
Today, things are so much better in the Philippines. We now have ample international reserves that have enabled us to fully prepay our loans to the International Monetary Fund, after 45 years of indebtedness. And we have liberalized foreign exchange transactions. Among others, with minimal documentation, individuals can purchase as much as one hundred twenty thousand dollars $ per transaction from banks.