Lagarde visit fortifies Aquino’s anti-people fiscal policies

ANAKPAWIS Vice-Chair Fernando Hicap said the visit of International Monetary Fund (IMF) managing director Christine Lagarde to the Philippines fortifies anti-people economic policies espoused by the Aquino administration particularly Private-Public Partnership (PPP) program and Conditional Cash Transfer (CCT) scheme — cornerstones of Aquino’s Philippine Development Plan (PDP) 2010 – 2016.

“Lagarde’s visit is part of IMF’s ‘routine checking’ of the Philippines’ compliance to IMF dictates in economic and policy reforms,” said Hicap, citing that the multilateral financial agency is responsible for decades of unsound fiscal policies that only worsened the state of Philippine economy,” said Hicap.

The IMF leader praises the Philippines for achieving an average of 5 percent growth over the past decade. Lagarde also sees the domestic economy growing growing despite global uncertainty. But Hicap said, “as far as ordinary people are concerned, no ‘trickle-down effect’ is felt by millions of Filipinos from the so-called economic growth.”

“While working people in other countries are launching general strikes against IMF impositions such as austerity measures and budget cuts, the Philippine government led by President Benigno Aquino III is openly welcoming all dictates from the IMF.”

Hicap also warned against the Lagarde’s go-signal on new tax measures – sin taxes and additional levy on telcos.

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