World Bank eyes RP as Asia’s begging capital

By Gerry Albert Corpuz, Bb. Tayuman Recto-Yap and Akihira Tatchu

MANILA, Philippines- The plan of the Brettonwoods institution to support the direct cash assistance fund to millions of impoverished Filipinos through an increased fresh loan to Manila government sparked protest from a Philippine group highly critical of the World Bank (WB) and the International Monetary Fund (IMF). The leftist fisherfolk alliance Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) on Sunday assailed WB over its recent move to double its assistance in the country for 2011 so the national government could fund its conditional cash transfer (CCT) program to poor Filipinos. Impressed by the Philippine government’s initiatives on good governance, WB country director Bert Hofman last Friday said WB will increase the current overall assistance to the Philippines from $ 630 million to $ 1.3 B in total assistance to the administration of President Benigno Simeon Aquino III.Hofman said the aid increase was approved last week at the annual meeting of the WB and International Monetary Fund (IMF)with the Philippines economic team.

In 2007, the WB approved a five year support to CCT with $ 400 million loan as funding support for 2008 as launched by the Department of Social Welfare and Development (DSWD) then under President Gloria Macapagal- Arroyo administration. This year, Congress passed the national budget for 2011, allotting P 21 B for CCT, an increase of P 9 billion compared to last year. The P 21 B for CCT elicited protest from 100 congressmen.

But Pamalakaya national chair Fernando Hicap said the increase in aid assistance merely suits the political agenda of WB-IMF to turn millions of Filipino poor into beggars and mendicants, transform them into passive political entities highly allergic or hostile to politics of change in the country.

“The WB-IMF supports the CCT program because it sees it as a socio-political instrument that would convert this nation of over 90 million starving Filipinos into a Republic of mendicants and beggars rather than into a progressive nation with critical thinking and struggling people fighting for land, jobs, rights and justice.The increase in assistance with the purpose of supporting the CCT program is mainly a counter-insurgency program in form and in substance,” Hicap explained.

“The WB-IMF backed CCT program is also counter-productive in the sense that it does not create jobs and does not transform people into productive citizens but helpless folks begging for alms,” the Pamalakaya leader added.

The WB country director said the initiatives of the Aquino administration for poverty alleviation were doing well for target beneficiaries and that transparency under the new government made them more comfortable to provide additional assistance to Aquino government.

“It is business as usual for IMF-WB. It will lure the Aquino administration enter into another cycle of debt trap and national death bed due to debt. Behind the triple platinum debt offer of this US-led financial monster is the cruel intention of IMF-WB to get involved in Jurassic public-private partnership (PPPs) economic escapade of the Aquino administration,” said Pamalakaya.

The militant group also slammed the Philippine officials who signed the deal with IMF-WB during a meeting in Washington D.C. Pamalakaya said Finance Secretary Cesar Purisima, Budget and management SecretaryFlorencio Abad and Socio-Economic planning secretary Cayetano Paderanga Jr. should be condemned to the highest order for what the group called a millennium sell out of the national economy.

“These officials of Noynoy Aquino committed one of the major blunders in the 21st century when they offered the Philippines at the altar of IMF-WB millennium exploitation.They should be remembered in history as modern-day traitors along with President Aquino for undertaking this sell out of national patrimony and grand scam denationalization and privatization of national economy,” said Pamalakaya.

According to Pamalakaya, the IMF-WB aside from raking super profits from interest on loans, would also take part in highly profitable business in the country including but not limited to the expansion of Light Railway Transit system, the improvement of sewerage system of Maynilad and Manila Water.

The militant group said IMF-WB also wants to facilitate PPPs in tourism, food supply chain, construction of airports and other road networks, mass transport, national highways, water, power and other utilities.

Pamalakaya said the P 18.7 B Laguna Lake Dredging Project in Laguna de Bay was one of the PPPs approved by the Arroyo government prior to the May 2010 elections.The group said the project is between the Philippine government and the Fortis Bank of Belgium, which is a private commercial bank based in Brussels. It said around 400,000 lake families or roughly 2 million people in Laguna Lake will be displaced by the Laguna Lake dredging project #

Advertisements

Leave a comment

Filed under corruption, debt, foreign relations, politics, US intervention

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s