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Consolidating Consensus, Advancing People’s Struggles and Building Alternatives
03 March 2016
MANILA, Phlippines -- The Freedom from Debt Coalition (FDC) urged the Aquino administration to reveal to the public how its huge P4.16-Trillion borrowings resulted in improving the lives of the Filipino people.
More than the misleading issue of the country’s ability to pay back its debt, FDC said, is the long overdue explanation of the government on how the loans were contracted, where they went, how they were utilized and what became of the programs and projects on which they were supposedly spent.
22 February 2016
MANILA--The Freedom from Debt Coalition (FDC) accused Finance Secretary Cesar Purisima of obfuscating the national debt issue and reinforced its call to repeal the automatic appropriations law (AAL).
Dr. Ed Tadem, FDC president argued that “the real issue here is that the government’s dependence on new borrowings for the principal amortization of existing loans and to plug annual budget deficits is what drives up the debt stock. From 2011-2015, amortization has eaten up an average of 48.2 percent of the aquino government’s yearly borrowings.”
“For 2015 alone, P414 billion or 58.2 percent of the P710.8 billion that the government planned to borrow would go to amortization. Only the remaining P296.8 would be used to finance the budget deficit,” Tadem added.
MANILA, Philippines – President Benigno Aquino III not only failed to curb the country’s poverty and debt burden. He turned out to be the biggest loan addict, and a total failure in addressing the Philippines’ entrapment in a cycle of debt dependence. The Freedom from Debt Coalition (FDC), in a press conference with selected election candidates on Friday, said that President Aquino has even eclipsed former President Gloria Arroyo as the biggest borrower among Philippine leaders, over a full term, from 1986 to present.