Beltran today slammed anew the international finance institution the
World Bank and said that its continuing release of policy loans and
other financial aid to the Philippines is to be blamed for the
destructive dependence of the country on foreign aid which in turns
sinks the country deeper into debt.
According to the reports, the World Bank recently announced that it
will provide $600 million in annual assistance to the Philippines for
the next two years as a sign of confidence. The World Bank and the
Finance department signed the loan agreement for the $11-million
NPSTAP yesterday.
World Bank officials have said that the institution seeks to
reinforce and strengthen its support to the Macapagal-Arroyo
government which has supposedly undergone an "important change."
"What we see here is this infamous global finance institution aiding
and abetting the Macapagal-Arroyo administration's programs and
policies that wreak havoc in the economic lives of the Filipino
people. It is also highly doubtful that the WB is unaware of the
increasing international pressure on the Arroyo government to stop its
campaign of extrajudicial killings against political activists, human
rights advocates and journalists. By extension, the WB is supporting
not only the supposed economic reforms that the Arroyo government has
embarked on, but also the political and military measures it has
initiated to protect these same economic reforms, including those make
the Philippines even more dependent on the WB," said Beltran.
Beltran reiterated the call of patriotic economists and local
industrialists that the Philippines wean itself off foreign loans and
cut back on foreign debts allocations. He said that the Philippines'
reliance on foreign loans all the more tighten the control of the WB
and its allied international business and consortiums over the
Philippine economy.
"This is what's stunting local businesses, and ensuring that no
genuine local industries are built and maintained. Foreign
multilateral finance institutions like the WB and the International
Monetary Fund (IMF) keep the Philippines on a short leash, held
hostage to their demands and impositions when it comes to payment
collection and perks and benefits for foreign businesses," he said.
The activist lawmaker said that it was long overdue that the country's
relations and dependence on the WB be subjected to review and
assessment. "No doubt it will be revealed that the country's economic
backwardness is connected to the impositions of the WB and the
Philippine government's slavish obeisance to these same policies. The
Philippines has not benefited from its dealings from the WB but
instead sacrificed much of its economic resources in a one-sided
finance relationship."#
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