imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Subscribe Calendar Publish RSS
Tell the NSA: StopWatching.US

Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

CopWatch LA

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List





IMC Network: www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
printable version - js reader version - email this article - view hidden posts - tags and related articles
link:

The Marcos’ Legacy of Fraudulent and Illegitimate Debts

by Freedom from Debt Coalition (FDC) Thursday, Sep. 27, 2012 at 3:02 PM

AS THE NATION remembers today the declaration of Martial Law and the imposition of the Marcos fascist dictatorship 40 years ago — we recall not only the crimes and abuses, but the valiant struggles of our people to end the tyrannical regime.

The Marcos’ Legacy...
1972-sept-21-marcos-declares-martial-law.jpg, image/jpeg, 300x364

Today is a day of remembering, so that we will not forget this dark chapter in our nation’s history and will not allow it to happen again.

Today is also a day of reckoning, as we continue to pursue justice and redress for countless victims of Martial Law abuses, including crimes and legacies that continue to hound and harm our nation and people.

One of these criminal legacies is the regime’s fraudulent and illegitimate debts that were riddled with corruption and hardly benefited the people. In 1986, the dictator fled the country and left our economy in shambles, burdened with $28-billion foreign debt, from $1 billion, at the start of the Marcos’ presidency. Reports have it that 33% of Marcos regime’s loans, equivalent to $8 billion went to Marcos and his cronies pockets. Estimates of the Marcos’ ill-gotten wealth ranged from a low $5 billion to as high as $30 billion.

The plunder of our economy plunged the people into mass poverty. In 1975, 57% of the Filipino families reportedly lived below the poverty line, while Marcos, his wife and their cronies indulged in extravagance and opulence. Today, Filipino taxpayers continue to bear the cost of the regime’s foreign debts, until 2025.

Successive post-Martial Law governments starting from the Cory Aquino government not only failed to deliver economic justice to the people, but honored and paid from the people’s money the Marcos regime’s fraudulent and illegitimate debts. They continued, repackaged and even enhanced the same discredited, flawed and ill-fated economic policies and strategies of the dictatorship that deny development and dignity to the many while ensuring the benefits of the few and the powerful as well as of their foreign partners and backers.

The Aquino government affirmed the Marcos practice of automatic appropriations for debt servicing, at the expense of the health, education and basic social services that the government is duty-bound to provide for the people. This policy contributed to a perennial and seemingly vicious cycle of budget shortfalls and fiscal crises, continued debt and interest payments, increased tax burdens, increased debt burdens and severe reduction , if not criminal neglect of the welfare needs, economic and social services for the people.

The Aquino regime and successive governments, often used the budget and the debt crisis they inherited from Marcos as reasons to allow the imposition of neoliberal policies by the multinational and international financial institutions such as the International Monetary Fund, World Bank and the Asian Development Bank in exchange for more loans and other measures to ride out of their fiscal problems. They embarked, for instance, on privatization and deregulation of essential public services like water and power, cheap sale of government assets and properties, and imposition of regressive tax measures such as the 10% value-added tax (VAT) which was later increased and expanded to the detriment of the majority poor consumers. In 1992, when the Aquino presidency ended, the country’s total foreign debt increased by $2 billion more, to $30 billion. Under Cory Aquino’s term, the economy was weighed down by 17% inflation rate, 10% unemployment and 65% of Filipinos who considered themselves poor.

The governments’ stubborn policy of debt repayments and their inability to spend and invest have consigned our country not only to debt burden and debt trap, but also economic stagnation, relative to its ASEAN neighbors. Between 1990 and 2005, for instance, the Philippines’ average annual GDP growth rate was the lowest in the region, according to former FDC President Walden Bello. Between 1986 and1991, the country reportedly averaged a negative $1.5 billion transfer of resources to the creditor countries each year.

Moreover, post-EDSA governments have been increasingly contracting new loans from financial markets in the form of securities. These new dimensions of indebtedness render our economy more vulnerable to the complexities and vagaries of the global financial system.

Today, under the Aquino government, with its “Matuwid Na Daan and Inclusive Growth” policies, the country’s foreign debt stands at a whopping $62.9 billion. For next year, P810.233 billion is earmarked for both interest payments and principal amortization.

The continuing failure of the P-Noy government to prioritize the people’s needs and welfare over debt servicing is not only a failure to rectify the Marcos misdeeds. It is also a continuing economic injustice to the Filipino people perpetrated by the subsequent post-Martial Law regimes to this day. Every hard-earned peso of every Filipino taxpayer paid to service the country’s debt, means every peso of unfulfilled obligation of the government to its citizens and people. This Social Debt to the people by successive governments must be repaid. As of the end-2011, each Filipino, from the new-born to the dying owes P79,885.18 in public debt and is forced to pay P7,544 annually to service the debt. For this year, the Philippine government spends P1.4 million per minute of the people’s money for debt servicing.

Today, under P-Noy’s term at least 23.1 million Filipinos consider themselves poor, with the bottom 30% of our people subsisting on a meager P173/day.

Today, as Martial Law victims and survivors continue to demand justice and compensation for their sufferings, we at the Freedom from Debt Coalition (FDC) join hands in calling for economic justice and freedom from debt bondage and burden for the Filipino people. No to automatic debt servicing at the expense of people’s rights and welfare! Yes to repayment of Social Debt to the people!


21 September 2012

http://www.fdc.ph
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

Foreclosure Victims Occupy Senate Stump Speech of Kamala Harris M21 4:58AM

LA Nakba Anniversary protest at the Israel Consulate M19 12:56AM

Long Beach Police Execute Unarmed Teen Hector Morejon on Suspicion Of Trespassing M15 6:08AM

Eagle-Con 2015 at Cal State L.A. M13 4:15PM

Brendon Glenn Dies and Venice S/Weeps M08 7:45PM

JOIN CLASS ACTION LAWSUIT AGAINST RONALD L. HAVNER JR's PREDATORY BUSINESS, PUBLIC STORAGE M08 4:48PM

Councilmember Bonin Calls People of Venice Outraged by Police Murder “Outside Agitators" M08 10:45AM

May Day March, LA 2015 M07 7:33PM

LA Progressive: Ref Rodriguez—What the PUC Is Going on Here? M05 11:26PM

L.A. Stands in Solidarity with Australian Aborigines M05 11:12AM

KPFK'S rep to Pacific Bd Whitleblower -being kicked out ...plse sign petiton here M04 2:38PM

Families Protest Abusive Foreclosure Practices of Wells Fargo Bank A26 10:37AM

How is CCSA's Ref Rodriguez hiding his billionaire and ideologue contributors? A21 12:08PM

What drives charter profiteer Ref Rodriguez? A21 12:04PM

Los Angeles Artist Threatens 40 Million Dollar Law Suit for Public Storage Illegal Auction A20 4:08PM

RAC-LA Community Center Grand Opening A20 1:44PM

KPFK and Pacifica- woes unrelenting... A19 4:20PM

RAC-LA Community Center Badly Needs Your Support A14 10:09PM

More Local News...

Other/Breaking News

Four Winds of March Against Monsanto Los Angeles Take The Streets of Hollywood M27 2:49PM

Reinvented War Criminal Tony Blair Resigns As Middle East Envoy M27 11:47AM

Obama Memorial Day Big Lies M27 11:25AM

World Be Advised M27 10:50AM

19 Ways the USDA Kills People, Animals, Birds, And/Or Trees M27 10:22AM

Bernie Sanders: Populist or Opportunist? M27 7:49AM

G7 Finance Ministers Focus on Growth in Face of High Debt M27 7:26AM

Israel Wants 50% Increase in US Provided Military Aid M27 4:29AM

Abduction, Torture and Summary Killings of Palestinians by Hamas M26 10:44PM

Risks and Opportunities for Consumer Welfare, 56 pp M26 10:47AM

Mission Creep in Syria M26 10:46AM

Netanyahu's Sham Settlement Bloc Boundaries Proposal M26 10:25AM

China's Military Strategy M26 7:27AM

The Battle for Jobs M26 4:43AM

Sham Yemen Peace Conference Postponed M26 4:33AM

Trapps de la domination, trapps de l'aliénation M25 11:05PM

USA, fbi, et al Crimes Against Humanity M25 9:19PM

Netanyahu Appoints Right-Wing Extremist to Head Israel's Diplomatic Corps M25 11:33AM

Venezuelan/Palestinian Relations: Based on Brotherhood, Solidarity and Mutual Support M25 9:27AM

Propaganda Accompanies Kiev's Buildup for Escalated Aggression M25 7:35AM

Washington Created the Islamic State (ISIS) M25 4:45AM

Paraphysique de la naissance M24 11:15PM

fbi/Gestapo M24 12:34PM

Netanyahu: Hate-Mongering Racist, Mass Murderer, Serial Liar M24 11:27AM

US-Supported Islamic State Terrorists Seize Palmyra M24 9:31AM

Grand Theft Poroshenko M24 7:35AM

Hillary Clinton Endorses GMOs M24 4:54AM

Margaret Sommers - Public Storage's "CUNT OF THE YEAR" M23 5:09PM

More Breaking News...
© 2000-2003 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy