Workers group denounces Aquino’s $1B pledge to IMF

THE Revolutionary Council of Trade Unions-Southern Tagalog (RCTU-ST) condemns the Aquino administration’s $1 billion pledge to the IMF crisis fund, saying it is “none other than a show-off and a dreamy move by a true blue imperialist lackey”.

The group is enraged over the recent announcement at the Group of 20 meeting by Bangko Sentral ng Pilipinas governor Armando Tetangco, Jr. regarding the Philippines’ contribution to the IMF’s “war chest” that will help different countries in distress, particularly European economies that are currently in crisis.

“This pretentious move by the Aquino government is a clear display of incompetence, a slur in the face of millions of Filipinos dying from hunger, an unintelligent attempt that comes from a President who obviously cares more about the international financial oligarchy and its imperialist director’s orders over his own constituents’ needs,” said Fortunato Magtanggol, RCTU-ST spokesperson.

“While the Aquino administration declared an end to the Philippines’ borrower status to the IMF (as a result of implementing lopsided economic reforms), the BSP recently admitted that the country’s foreign debts increased to $62.9 billion as of the end of the first quarter (due to the increase in foreign investments, initiated by the same economic reforms).”

“Now, they are trying to tell the world that the Philippines is rich enough to donate $1 billion to the IMF’s crisis fund and help reinforce countries facing the ill-effects of the rotten globalization—the same culprit liable to why we are endlessly put in a state of enslavement and dependence to the ‘world economy’ based on the influence and manipulation of the IMF,” Magtanggol said.

He said that “while workers in the country, particularly in the Southern Tagalog region, are experiencing the worst working and living conditions under Aquino’s implementation of different deregulation and liberalization schemes, lack of budget prioritization for social services, and obvious partiality on investors’ demands over the people’s welfare, the government is shameless enough to donate to the IMF.  Obviously, there are many other things, other than the country’s ‘borrower’ status to the IMF, that should be considered before allocating such a big amount of the people’s taxes and produce for the ‘stabilization’ of a rotten world economy.”

According to the Department of Finance, the Aquino administration has accumulated P1.27 trillion in 2011 from taxes paid by the Filipino people alone.  However, the administration has failed to provide for the people’s most basic needs such as education, housing and health.

“Anyone who walks the streets of the urban and rural communities in the country can say that people are in dire need of basic industries, genuine agrarian reform, steady employment, just wages, livable homes, functional hospitals, free education and other forms of social services,” the group said.

IMF Managing Director Christine Lagarde issued a statement regarding the additional pledges to boost the IMF’s resources, saying “I salute them and their commitment to multilateralism. As a result, total pledges have risen to US$456 billion, almost doubling our lending capacity.”

The IMF has continuously given assistance to financially distressed countries amid a protracted global depression, and has required the implementation of different austerity measures in exchange.  This has consequently led people of different nations to suffer from austerity programs resulting to unemployment, meager wages, and higher costs of living.


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