Incoming Philippine President urged to suspend debt payment

By Gerry Albert Corpuz and Mimaropa France

MANILA, Philippines- Anti-debt activists belonging to the fisherfolk alliance Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) on Saturday challenged leading presidential candidate Sen. Benigno Simeon “Noynoy” Aquino III to radically overturn the decision of the 14th Congress to allot P 726.63 billion for debt servicing this year.

“We strongly recommend to the incoming Yellow Republic in Malacanang to scrap the P 726 billion budget for debt servicing earmarked by his predecessor President Gloria Macapagal-Arroyo to the inglorious money market bastards and corporate financial gangsters of International Monetary Fund and World Bank,” said Pamalakaya national chair Fernando Hicap in a press statement.

The Pamalakaya leader added: “Mr. Aquino and the recycled Hyatt 10 economic managers can do that in their first 100 days in office. That can be done without much fanfare. We hope Noynoy and his self-proclaimed economic experts will face these all time money laundering giants and pursue the collective interest of the Filipino people”.

“Billions of pesos of hard-earned taxes by the 94 million taxpaying Filipinos go to payment of debts incurred by all time financial monopolies, business syndicates, money market gangs and bureaucrat capitalists. Aquino is hereby tasked to stop this modern day financial oligarchy and slavery,” said Hicap.

The Pamalakaya official advised Aquino to issue a marching order to Senate and the House of Representatives suspending debt payment this year. Hicap said Aquino can put to task the 23 senators of the Philippine Senate and the 270 members of the House of Representatives to review the approved 2010 national budget, and in aid of legislation passed a joint resolution suspending debt payment for 2010.

Pamalakaya said the next thing Mr.Aquino should do is to call Congress to amend if not repeal the automatic 40 percent appropriation to debt servicing as enshrined in the General Appropriations Act to empower Congress and the Office of the President to pursue the budget in accordance with public interest and opposed to the financial interest of foreign creditors and big financial groups here and abroad.

The militant group also learned the Philippine government is posed to allocate some P 829.41 B for debt servicing, which is P 102.78 B or 13.7 percent higher from this year budget for debt payment. Pamalakaya said of the P 829-B debt budget set aside for next year’s debt servicing program, P 367.28 B will go to interest payment, P 40.55 billion higher compared to 2010’s P 326.73 B.

The Bureau of Treasury said principal payment will reach P462.13 billion next year, 15.6 percent above the current year’s allocation of P399.9 billion. Of the total debt, treasury officials said P1.954 trillion was loaned from foreign creditors while P2.403 trillion was sourced from domestic creditors.

On the other hand, the Department of Finance (DoF) said the country’s total debt for 2010 would reach P4.83 trillion, higher than the previous forecast of P4.723 trillion. #

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Filed under corruption, elections, foreign relations, global economic and financial crisis, neoliberalization, politics

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