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



Freenet/Sone comments box:

This is a comment system called babcom, which is a decentralized, anonymous, encrypted, troll-resistant, comment system that runs atop Freenet. These comments are not stored on this IMC server - they exist in the Freenet cloud, and you must be running Freenet and Sone to see the comments. Install Freenet and try it out.

Use Node:

⚙ Babcom is trying to load the comments ⚙

This textbox will disappear when the comments have been loaded.

If the box below shows an error-page, you need to install Freenet with the Sone-Plugin or set the node-path to your freenet node and click the Reload Comments button (or return).

If you see something like Invalid key: java.net.MalformedURLException: There is no @ in that URI! (Sone/search.html), you need to setup Sone and the Web of Trust

If you had Javascript enabled, you would see comments for this page instead of the Sone page of the sites author.

Note: To make a comment which isn’t a reply visible to others here, include the red link below somewhere in the comment text.

Add this link to the comment:

Local News

Pressure on Orange County District Attorney to Prosecute Minors Counsel N22 5:30PM

RE-VISITING CARLOS BULOSAN N22 1:08PM

Winter 2014 National Immigrant Solidarity Network News Alert! N20 11:12PM

#UCLADivest N19 1:46AM

Ferguson verdict Monday? N16 1:42PM

TV LEGEND BOB BARKER FUNDS ‘LION’S SHARE’ OF SUCCESSFUL MISSION TO SAVE CIRCUS ANIMALS IN N13 11:30AM

“Protest blackface”: Vegan protest turns racist as white vegans pose as “people of color” N11 3:59PM

Veterans Against Foreclosures Marches in San Fernando Veterans Day Parade N11 2:46PM

Disappeared Documentary in L.A N11 2:23PM

Los Angeles Questions Oversized LAPD Response to Million Mask March N07 1:57AM

Ghosts of Wall Street Occupy Hollywood Blvd Halloween Night N06 12:48PM

The "Cleaning Up" of Venice N02 5:16PM

Activists Hold Prayer Vigil for Lexi Dillon and Jonah Rief in Orange County O31 2:32PM

New ID Verification Feature on this Site O21 1:06AM

Sierra Club endorses activists for Water Board O20 2:02PM

INDY has been hijacked or sold? to commentators ? O17 9:58AM

Columbus Day Protest, Downtown L.A. O14 4:44PM

Demonstration in Los Angeles: In Solidarity with Kobani O11 12:23PM

More Local News...

Other/Breaking News

Why Austerity Kills N24 6:47AM

NEW INTERVENTION BY FILIPINO WRITER IN FILIPINO N24 6:29AM

Albert Woodfox: 41 Years in Solitary Unjustly N24 2:54AM

Labor Solidarity Demands a “No” Vote on Israel Boycott N23 6:07PM

Palestinian resistance N23 4:00PM

Evidence of a new, unheralded, illegal, quasi 'Criminal Justice System' (CJS) forged by N23 1:20PM

Israel: Racist Pariah State Writ Large N23 11:43AM

Afghanistan: War Without End, Permanent US Occupation N23 6:53AM

REMEMBERING CARLOS BULOSAN N23 6:27AM

Paraphysique des crimes contre l'humanité N23 4:45AM

Sham Bahraini Elections N23 2:57AM

Lavrov: West Wants Regime Change in Russia N22 12:07PM

Russia Bans GMOs N22 8:13AM

Biden in Ukraine N22 2:18AM

Obama's Sham Immigration Reform N21 12:22PM

fbi/cjis continue to cause killings, shootings N21 8:55AM

MH17 Coverup N21 1:51AM

NUCLEAR SHUTDOWN NEWS NOVEMBER 2014 N20 9:48PM

The Shortwave Report 11/21/14 Listen Globally! N20 4:30PM

America: The Real Evil Empire N20 2:43PM

Israel: Human Rights Abuser Writ Large N20 1:06PM

The USA is under the control of evil men N20 11:43AM

Time For Amtrak To Allow Pets And Carry More Vegan Options N20 9:45AM

Kiev Plans Full-Scale War N20 7:05AM

Le théorème de Bakounine, Coeurderoy, Hofmann N20 2:05AM

Keystone XL Pipeline: Down but not Out N19 1:55PM

African Mayors Call for Debt Cancellation for Ebola-Stricken West Africa N19 10:44AM

Ignored Root Cause of Occupied Palestine Violence N19 8:01AM

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