The fight is conspicuously gladiatorial. Jesus Christ said: "I come not to bring peace, but to bring a sword..." - Matthew 10:34
The Proposed Out-Of-The-Box- Solutions In Times Of Calamities Or No Calamity At All In The Philippines To Cease Foreign Borrowings, Aid, And Even Beggary of People In Times of Crisis:
1. There should be absolutely no payments of interest to IMF and WB in times of drought or calamities in the Philippines. Besides, we have already paid more than too much in the last 60 years of horrendous indebtedness at the tremendous costs of the sufferings of Filipinos under neo-liberal economics and politics based on debt, increasing taxes, privatizations and selling-off state assets. Moreover, in times of major calamities in the Philippines where the needs for rehabilitation are great, there should be total debt moratorium other than total cancellation of debts. I am therefore strongly advocating the schemes of writing off the national debts both domestic and foreign to private, foreign and international bank-lords other than the policy of debt moratorium or the abolition of interest payments in times of national calamities whether MAN-MADE or nature's doing or God's doing, should be practically considered by the Philippine National Government and must be understood by the banking institutions. Banking huge profits are enough. Banking greed must stop. I believe this is all in coherent and or congruent with humanitarian economics. Oftentimes debt and interest bondage is more calamitous than any natural calamities combined. The Philippine Bureau of Internal Revenue (the equivalent of IRS in USA and Inland Revenue in the UK) is enforcing the laws of collecting taxes for government spending mainly for interest payments and not necessarily for rehabilitation purposes. The Philippine Department of Finance has tasked the Tax Agency to continue shoring up tax collections 2016 so that the government can deal with rising expenditure requirements primarily interest payments while it keeps going to foreign borrowings and interest payments more than what is needed for rehabilitation of the calamity ravaged areas in the countryside.
2. Create our own Government money Philippine Peso currency debt-free. This is the only pragmatic and alternative financial-economic solution for the Philippine Government after calamities both in the interim and long-term measures that is to resort to Government-Created-Money Debt-Free through Central Bank's or BangkoSentral Ng Pilipinas' quantitative easing formula to provide "Temporary Bail-Out Funds For The poor Filipino successive calamity victims of the amount that can be of great help them to get by and provide them "relief and consolation" in times of calamities for durable recovery. Further vicious cycles of foreign and domestic borrowings are unacceptable. Hence, our recognized, legitimate Philippine Government on occasions like this needing emergency finances for the poor Filipino victims of calamities can create our own credit rather than contracting further borrowings to private bankers, and use it for general and essential objectives and developments without so much arguments. Despite of the likelihood of private banking protestations, this expenditure is not inflationary, since it does not increase the volume of debt and interest - and it is debt, not the supply of money, which causes inflationary pressures. Therefore, the pernicious root-cause of inflation is Government debt, not government-created-debt-free money. Further documentations can be provided whereby Government-created debt-free money is indeed possible. The scheme is all about by requiring 100% backing deposits by Government-issued money as highly desirable policy. The present debt levels in the Philippines today are the very important warning predictors of ongoing major crises with ongoing casualties worse than the casualties of super-typhoon calamities. The Philippine Government needs US$1.5 to $10 to $20 Billion or P60 Billion to P100 Billion rehabilitation funds for the colossal rehabilitation recovery for 36 to 41 provinces particularly in the Eastern, Western, Central Visayas and Southern Philippines and most likely to be funded by debt-finance through foreign and local sources. As offered by Asian Development Bank (ADB) and World Bank (WB, the Philippine Government is now borrowing US$1 Billion of loans payable for 30 years time which are additional debt burden that automatically translate to additional disasters of increasing taxes, privatizations, and selling-off national assets. I don't agree with this debt-based rehabilitation scheme which is more calamitous than its intended purposes. I would rather support Government-created-debt-free money quantitative easing formula to do the rehabilitation efforts, development, financial security of citizens and desired levels of prosperity. With Government-created debt-free money by immediate legislation, there would be no need of present and future foreign and domestic loans both multilateral and bilateral loans to private, foreign and international bankers. And there would be no need of foreign aid with foreign policy-conditions. The provision of bail-out money sufficient to every Filipino victim will certainly strengthen the survivors for durable recovery. In 2013 and now in 2015 as reported, the total foreign borrowings at interest hit P2 Trillion and the budget for debt servicing at the end of fiscal year is around P333.9 Billion.
The write-off of the interest payments if not of national debts, for 2016 is urgently commendable and which in turn can help the indispensable rehabilitation of regions in the Philippines completely devastated by the successive calamities particularly of the November 2013 "Yolanda" major disaster carnage.
The total Philippine national debts are now more than P6 Trillion with hundreds of billions of Pesos of interest where funds for interest payments are coming from vicious cycles of further foreign and domestic borrowings at interest and from harassing Filipino citizens to pay taxes while costs of corruptions are also at the most gargantuan levels. The Bureau of Treasury (BTr), a unit of the Philippine Department of Finance, reported and even admitted that the debt stock if it were to be divided among the country's population, each would have a share of PHP54 or PHP58,000 or less than US$1,500 value equivalent. But I suspect even more.
Why are we indebted when we, poor majority of Filipinos, do not benefit from the injection of foreign loans into our country?
3. Bail-Out Money To Every Filipino calamity victim. And in times of national calamity particularly and frantically in the states of successive calamities in the Philippines, calibrated responses are indispensable such as the schemes must be employed to provide non-means-tested or unconditional bail-out money to Filipinos suffering the agonies of the effects of calamities. Amount to each Filipino calamity victim can be determined but equal provision of bail-out money is ideal and desirable. The amount of US$2,000 more or less in Philippine Peso value to each Filipino calamity victim is economically indispensable for real recovery. The bail-out scheme funds to every Filipino calamity victim is the best and ideal method to lead each one to durable recovery.
The provision of "bail-out money", in a major windfall from existing calamity fund and or from foreign monetary aid now reaching to P15 Billion and possible up to P20 billion to P50 billion pesos except foreign loans, and preferably through DEBT-FREE MONEY CREATION,practically, is only a drop in the bucket, is to make the Philippine Government of the incumbent Aquino Administration to be fully and creatively responsible to the dreadful plight of the pitiful FILIPINO SUCCESSIVE CALAMITY VICTIMS in exit-less poverty but productive Filipinos, in the countryside for durable recovery, who are, in one way or another, undeniably the backbone of our underground economy.
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