|
Friday, March 12, 2004
Bunye: Gov't cannot implement debt restructuring without creditors' OK
PRESIDENT Arroyo Thursday warned businessmen of economic ruin if the country puts its fate in the hands of “ghostwriters” of platforms and programs who are unaccountable to the people.
Arroyo made the statement before the Asian Business Leader Awards 2004 at Shangri-La Makati in a speech delivered for her by presidential spokesman Ignacio Bunye.
The statement was obviously in reaction to the platform of Fernando Poe Jr. crafted by his economic advisers entitled “Pagpapanday ng Kinabukasan,” which places debt restructuring high in his economic agenda.
Arroyo warned that the country might backslide to the time of former president Joseph Estrada, who was surrounded by a lot of advisers, at great cost to the economy.
“I pray that our people would not so easily forget the glaring political lessons of the recent past. Individuals or groups who are unaccountable to the people cannot ghostwrite good governance. We had that before and it almost led us to economic ruin,” she said.
She said there must be a continuity of the “downpayments” that she made under her three-year-old administration which would ensure a brighter and more comfortable future.
This developed as Bunye said the Philippines must pay its debts “as a matter of honor.”
“Parang sa mga magkakaibigan o magkakamag-anak, kung meron kang utang tapos hindi mo binayaran ay balasubas ka, hindi ba? Ayaw naman natin na magkaroon ng reputasyon ang Filipino na balasubas, kung meron tayong obligasyon ay we have to meet this obligation,” he said.
He said the government cannot unilaterally declare a debt restructuring without putting the country in a bad credit standing before the international financial community.
But Bunye said this will not prevent government from seeking better terms such as longer maturities and a lower cost from its creditors in order to spread out the payment.
He said any debt restructuring should be driven by market forces and must be done with the consent of the creditors.
“We cannot act unilaterally on this. Magiging masama ang impact, sasama ang ating standing sa international financial community kung tayo ay gagawa ng unilateral act. This will have to be in consultation with the international financial community,” he said. (JMR)
(March 12, 2004 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
|
[return to top]
[home]
[network page]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
|
