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In Depth wth Foreign Debt
•The Growing Philippine Debt Crisis
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The Growing Philippine Debt Crisis
Analysis
Today's administration under President Estrada amounting to $54 billion is an unbearable debt burden because this means that every single Filipino, from the infants to the senior citizens of the estimated 75 million population, owes P34,650.00. An ordinary worker who earns a daily minimum wage for at least 138 days in order to pay the debt without food and water and electricity and clothing and other necessities.
But why is this issue important? Of course, it is because the foreign debt is the best explanation to the poverty and degeneracy we Filipinos are suffering today. Yearly, a big amount of money is appropriated for the payment of our foreign debt. In fact, under the Presidential Decree 1177, the government gives priority to the payment of the debt over the delivery of basic services. Deducted from our budget is $109.3 billion. This will get even better with the continuing peso devaluation. What does this imply? Simply, money from our annual budget that is supposed to be allotted in building infrastructures and funding much-needed projects in basic services are being funneled into the payment of these loans.
This poses a big problem to all Filipinos, specially those coming from the lower class. Women in rural areas work in farms and others engage in the sex industry in order to support their family. Farmers and the land reform issue will remain unsolved. The government can't provide good housing for the homeless and the squatter people. Education and health services are being compromised. The senior citizens are not being taken care of, too. And since the economy is unstable, unemployment rate is higher. Business establishments are closing one by one and most companies resort to reducing manpower. The government cannot accommodate the growing number of graduates. If M.A. and Ph.D. can't even find decent jobs, what more of the undergraduates? The National Statistics Office (NSO) shows the latest available figures of unemployment, which was 11.1 per cent a year earlier.
In a nutshell, Juan dela Cruz suffers even more.
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Copyright © 2001. The Supervixens.
Sheryle Pablo and Dinah Silverio. All Rights Reserved.
University of the Philippines,Diliman Q.C. |
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