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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.
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.