[Deuda-QdQ] Philippine protests during IMF chief's visit

[Ecologistas en Acción - Área de Ag]

Dear friends,

Please find below a news release and attached picture on the protest
activities that were launched by BAYAN and other grassroots
organizations when IMF Managing Director Rato came to the country.

tetet

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News Release
July 30, 2007

**In time for IMF director's visit***
**Militants hit prioritization of foreign debt payments over social
services**

*Members of Bagong Alyansang Makabayan (Bayan) and allied organizations
held a protest action in an urban poor community in Sampaloc, Manila to
highlight what they call evil consequences of International Monetary
Fund's (IMF) prescriptions.

The Managing Director of the International Monetary Fund (IMF), Rodrigo
de Rato, is in the Philippines for a two-day visit.

Ronalyn Olea, Bayan public information officer, said that the poor
continues to suffer from skewed IMF prescriptions. She said that the
government's debt policy has severely affected social services.

Citing studies by independent think thank Ibon Foundation, Olea said
that social spending per Filipino under the Arroyo administration has
consistently fallen while debt servicing has consistently increased to
record highs. In 2007, government allocated only P1,827 per Filipino, or
P5 a day, for education, culture and manpower development.. For health,
each Filipino received only P163 in 2007, or just P0.45 a day.
Meanwhile, total debt servicing per capita is at P7,133 in 2007 which is
almost four times combined education and health spending.

Olea said, "Debt incurred by the Arroyo administration does not benefit
the poor. The irony is that the poor bear the brunt of debt payments
through budget cuts in social services and regressive taxes such as the
reformed value-added tax."

According to Ibon Foundation, total debt payments of P854 billion in
2006 ate up over 87% of revenues and was equivalent to more than 14% of
the gross domestic product– which gives the Arroyo government the
distinction of making the highest public debt payments in Philippine
history. Olea said, "In contrast, education spending is equivalent to
only 3.3 percent of the GDP and health spending to only less than 2
percent."

Olea added, "Government's budget deficit for this year will mean more
taxes, huge cuts in social spending and continued debt payments and
privatization of government assets. All of these measures are dictated
by the IMF, World Bank and other international lending institutions. The
Arroyo government's adherence to such policies does not bring
development but catastrophe." #




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