09 January 2008
Debt & Public Finance
MANILA, Philippines—Campaigners from more than a hundred local and national organizations here will gather on Saturday, January 12, at the St. Joseph College Mater Dei Auditorium, E. Rodriguez St. in Quezon City for the public launch of People's Petition calling for the creation of an Independent Citizens' Debt Audit Commission whose members will include civil society leaders, political analysts and respected economists.
In a press briefing, leaders of People Against Illegitimate Debt (PAID!)* movement said the event marks the first General Assembly of its member and affiliate organizations and individuals. The event will also feature speakers from the debt campaigns of other countries who will share their experiences and recent major developments in the international debt movement.
Lidy Nacpil, vice president of the Freedom from Debt Coalition (FDC), said that it has been more than five years since they sounded the alarm of a full-blown fiscal and debt crisis and still the government failed to what is right for the country. She said that among the indicators of the debt and fiscal crisis include: the government's huge deficit since 1999; interest payments on the National Government (NG) debt has skyrocketed; and, government borrowings have reached unprecedented levels.
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