Loan for IMF should be used for education: legislator

A PARTY-LIST lawmaker strongly criticized the government’s decision to lend $1 billion to the International Monetary Fund (IMF) saying the fund would be more beneficial if used to address the shortage of education materials and equipment for public schools.

“It is at the height of hypocrisy and insensitivity that the Aquino government would commit a staggering US$1-billion to the IMF when Filipinos are in dire need of additional budget for basic social services like health, housing and education,” Anakpawis Representative Rafael Mariano said.

Mariano said the Aquino administration has once again favored foreign interests to the disadvantage of Filipinos.

“Contributing to IMF’s ‘crisis fund’ when our country is in a chronic economic crisis is highly illogical and unacceptable. The
Philippines is not even a member-country of the IMF. Aquino’s commitment is of his own volition,” he added.

ACT Teachers party-list Representative Antonio Tinio said the contribution is an "insensitive" move from the Aquino administration.

"Why would our President extend loans to countries whose Kinder teachers are paid around five times more than ours receive, whose class sizes are sometimes 15 to a teacher?” Tinio remarked.

Presidential spokesperson Edwin Lacierda earlier said that it is the Philippines’ turn to pay it forward and “help in stabilizing the crisis that is going on in Europe”.

The Philippines has been a net borrower from the IMF for 40 years, Lacierda said.

Eastern Samar Representative Ben Evardone, chairman of the House Committee on Public Information, meanwhile defended the government’s decision.

“The decision of the BSP to lend IMF $1 billion is an indication of a healthy economy,” he said adding that the pledge “will send a positive signal to international investors that the Philippine economy is stable.”

“The mere fact that we have graduated from a debtor to a creditor nation is already a milestone. With a healthy economy, the government can focus in allocating more resources for infrastructure and social services,” Evardone added. (Kathrina Alvarez/Sunnex)