According to Philippine Bureau of Treasury under Department of Finance, the Philippines' outstanding obligations--from both domestic and overseas lenders--stood at P5.59 Trillion (close to P6 Trillion Pesos PHP) as of end-January 2014. Further date from the Bureau of Treasury show that the debt stock, 35% of P1.97 Trillion PHP is owed to foreign sources (foreign bankers) (PDI/Wednesday, April 09, 2014/Business Section).
Following Yolanda carnage-super-typhoon of November 2013, multilateral lenders (bankers) have provided and offered close to US$2 billion interest-bearing loans and grants. The World Bank (WB) has provided US$500 Million support loan and a US$480 Million loan for rebuilding infrastructure and social services. The Asian Development Bank (ADB) has offered nearly US$900 Million worth of assistance.
According to UN, most of these loans were in the form of NEW LOANS and only US$23 million was given in grants.
All these loans are payable in 30-50 years time at increasing interest rates indefinitely with all uncertainties.
And as usually expected, more loans are going to be incurred in the coming months and years.
All these loans and grants do not feed down to the poor Filipinos and do not benefit the victims of successive calamities in the Philippines.
All monies in the forms of debts, grants and foreign aid/assistance are simply going back to pay interest to country's huge foreign and domestic debts for the huge profits of the bankers, for the scams, corruptions and racketeering of the partisan nasty-muddy politicians and of the corporate criminals of the quasi-wholly-government-controlled corporations.
The Filipino citizens under the current unrecoverable financial-economic crisis systematically caused by incorrigible debt finance disaster capitalism and oppressively compounded interest global imperialism have every moral right, duty and initiative for the love of the country and for our very survival to categorically repudiate the entire Philippine Government's national odious and onerous debts both foreign, domestic and other Governmental assumed corporate debts to private, commercial and international banks of global banking scams.
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