Group asks Congress to stop Aquino from lending $ 1-B to IMF crisis fund

THE party list group Anakpawis party list and Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) today asked members of the Philippine Senate and the House of Representatives to stop President Benigno Simeon Aquino III from lending $ 1billion to the global crisis fund organized by the International Monetary Fund (IMF) to rev up the global economy affected by the Eurozone debt and financial crisis.

Anakpawis vice chairperson Fernando Hicap and Pamalakaya vice-chairperson Salvador France accused the President of offering the people’s hard-earned taxpayers’ money to the $ 456-billion global bailout fund raising campaign organized by IMF-WB.

“The fund generation campaign of IMF is meant for bailouts of transnational and multinational banks and institutions affected by the current economic depression hurting the economies of US, the European Union and other members of the G8 bloc. And the Philippine government is being compelled and coerced to give up one billion dollars of its public fund to finance this greatest transnational robbery of the new millennium,” both leaders said in their joint statement.

But Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said  the Philippines is supporting the global efforts to stabilize the world economy and maintain it on a growth path.

The Central Bank chief explained it is the reason why the Philippines is extending a $1 billion loan to the IMF. We are a member of the global community of nations and it is also in our interest to ensure economic and financial stability across the globe.

Tetangco maintained the loan to the IMF is the Philippines’ way of giving back to the world’s so-called lender of last resort after it helped the country address its financial difficulties in the past. He said Philippines had been a net borrower from the IMF for almost 40 years until the country finally settled its loans in 2006.

“We appeal to our lawmakers to cross party lines and frustrate this act of modern-day puppetry being carried out by the Aquino administration. We have a lot of problems here pertaining to hunger, poverty and injustice which this administration should effectively address and resolved,” the leaders said.

The groups reminded President Aquino that the country needs billions of pesos of additional budget to address the problems concerning public health care system. The groups said the Aquino administration should look into the condition and need of 72 public government hospitals under the Department of Health (DoH) and the other 595 government hospitals devolved to local government units.

They said additional budget are also needed to hire 3,000 new doctors and 8,000 nurses to cover 81 provinces, 118 cities, 1,510 municipalities and 42,000 barangays all over the country. Pamalakaya and Anakpawis also said instead of making global banks and capitalists richer by one billion US dollars, the government should allocate the fund to fill the gaps in the public school system.

The groups said at present the country needs an additional 132,483 new public school teachers and 97, 685 new classrooms to accommodate millions of Filipino youth in elementary and secondary public schools. @

Pamalakaya and Anakpawis party lit said the Aquino government will probably include the $ 1 billion bailout fund to IMF in the 2013 national budget.


About accounting

You must be logged in to post a comment Login

Leave a Reply