Teachers to PNoy: Pull out the $1B loan to IMF

IN CRISIS situations, we teach our children that they should know their priorities. Obviously, PNoy again did not understand this one great lesson. He again missed  the whole point, “ Ms France Castro, Secretary-general of Alliance of Concerned Teachers said.

BSP Governor Amando M. Tetangco Jr. said, “The Philippines is supporting the global efforts to stabilize the world economy and maintain it on a growth path.  This 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.”

“Today, our economic fundamentals are sound, our banks are able to meet domestic credit needs, and we are capable of lending $1 billion from our international reserves to the IMF,” Tetangco said.

But what about our internal needs? In the education sector for one, that $1B dollar is more than enough to fund the current budgetary requirements for kindergarten program  which follows:

Total amount needed for SY 2012-2013

Kindergarten teachers  (with 2 session; 25 student per class base on UK Law):  34,500 at PP222,588  per teacher (Salaray Grade 11 with monthly salary of P18,549 multiply by 12 months, including Proportional Vacation Pay) for a total amount of P7,679,286,000

Classrooms needed (will be used in 2 session per classroom): 34,500 at P685,000 per classroom based on DepED estimate (DepED Budget briefer 2010) amounting to P23,632,500,000;

Seats:  865,000 (SY 2012-2013 divided by 2 session) at P970/seats based on DepED estimate (DepEd Budget Briefer 2012) estimated at  P 839,050,000

Sanitation facilities – 34,500 at P67,000/water &sanitation facilities based on DepED estimates (DepEd Budget Briefer 2010)  P 2,318,200,000

Total amount : P34,469,036,000

“Now, Mr. President Aquino, with this data provided from our end, objectivity must rule. We are no idiots too. We all know for a  fact  who will benefit from that loan. No less than the bank monopoly behind IMF-WB  who have drained the economies of nations throughout the world through financé capital that have thrown us all in a misery of debt. Give back that $1B to the Filipino people,” Castro said.


About accounting

You must be logged in to post a comment Login

Leave a Reply