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FDC President Ed Tadem speaks on debt and fiscal justice during a press conference at the Philippine Conference on Illicit Financial Flows, Debt and Tax Justice held at Cocoon Boutique Hotel in Quezon City from 14-15 April 2016. With him are (L-R): Rep. Leah Paquiz of Ang Nars Party-list; Prof. Walden Bello, independent Senatorial candidate; Renato Magtubo of Partido Manggagawa, party-list candidate; Benjo Basas of Ating Guro, party-list candidate; and Lidy Nacpil, FDC Vice-President and Regional Coordinator of the Asian Peoples' Movement on Debt and Development (APMDD). The event was jointly sponsored by FDC and APMDD.
15 April 2016
Amidst the global controversy on the Panama Papers on potential illegal financial activities that allegedly implicated Filipino politicians, business moguls and political candidates now running for office, the Freedom from Debt Coalition (FDC) reminded candidates of the adverse impact of the continuing debt dependence of the country and weak taxation policy.
“The Panama Papers shows the rampant illicit financial flows which is a global phenomenon that implicates Filipino politicians and may only be the tip of the iceberg since there are many tax havens and the full disclosure of the Panama Papers will only be done in May,” said Prof. Ed Tadem, FDC president.
“The phenomenon of illicit financial flows represents resources that could have been used meaningfully in the country for essential programs and projects and even for investments that should reduce if not free us from our dependence on foreign and domestic debt,” Tadem said.
March 21, 2016
Activist group Freedom from Debt Coalition (FDC) asks the government's economic and fiscal authorities to stop their "Spinomics" and instead admit their failure to reach the administration's spending and poverty targets, saying that "acceptance of fault is the first step to correction".
"We do not understand why the Department of Budget and Management (DBM) would downplay its worsening underspending problem by claiming a 'robust' increase in spending from last year. Of course spending will increase, as the budget is higher. What is clear is that it failed to spend P332.7 billion it programmed to spend in 2015," said FDC President Ed Tadem in a media release.
10 March 2016
MANILA, Philippines – Out of the total P214.5 billion scheduled debt servicing for foreign liabilities of the national government, at least P3.7 billion will go to interest and principal payments of five questionable and illegitimate loans, the Freedom from Debt Coalition (FDC) revealed in a news release on Thursday.
"This huge amount, which could have been redirected to inadequately funded social protection programs such as education, health and housing, covers only five loan-funded programs and projects that FDC finds fraudulent, wasteful and useless. Imagine how much more will be uncovered if we scrutinize all the loans contracted by the government?” said Ed Tadem, FDC president.
Illegitimate debts are debts arising from loan-funded programs or projects that violated principles of human rights and sustainable human development, justice and fairness, accountability and responsibility, sovereignty of peoples and nations, and democracy.