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Thursday, December 09, 2004
Group seeks repeal of debt servicing law
By Jenny Molbog-Mendoza
THE Freedom from Debt Coalition (FDC) urged the government to repeal the Automatic Appropriations on Debt Servicing Law in order to avoid dependence on foreign funds to help victims of calamities that struck Luzon recently.
FDC made the call during the culmination of Global Day of Action Against Debt Demonition Wednesday at All About Cakes on Rizal Street in Davao City.
FDC said in a press statement that the law "has virtually tied the government's hand in deciding what is best for the people. It is pathetic to watch the government largely dependent on foreign donations for the immediate needs of the victims".
The group also cited that the present fiscal crisis can be attributed mainly to the debts that the country has incurred in the past years.
"Central to the very issue of debt is the very nature of loans. Government had been religiously paying for loans incurred through fraudulent means at the expense of the people. The payment for the graft-ridden Bataan nuclear power plan wherein the government has allocated US$38.2 million or P2.14 billion for 2004 has to be stopped," the statement said.
The group said the government's allocation for debt servicing next year is pegged at 95 percent of the total revenues, which would mean that no more services are to be given to the people.
FDC chair Bill Martin said that more activities with regards to their call will be staged in the next few months.
(December 9, 2004 issue)
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