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In Depth wth Foreign Debt
•The Growing Philippine Debt Crisis
•Praymer sa Pagpapatalsik Kay ERAP
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The Growing Philippine Debt Crisis
Recommendations
These are few of the possible solutions our government is considering.
1. Avoid fraudulent loans not benefiting the people, and those refusing to assume private borrowings.
2. Set a limitation to the foreign debt service, not exceeding 10 per cent of the export earnings to help in the economic recovery.
3. Be aware of the loans and the amount spent in order to pinpoint corruption and frauds.
4. Work on a moratorium on foreign debt service payment until a new rescheduled agreement is done on our capacity to pay.
5. Try to increase tax collection by catching those cheating on their income taxes. Be effective in punishing those engage in tax evasion, specially big companies owned by cronies.
6. Economy and politics go together. If our politics is in turmoil, our economy goes down as well.
Conclusion
According to Ms. Marcelo, loaning isn't bad, as long as it is in our capacity to pay. Make sure that the loans are being spent wisely and rightly. People should be aware of this growing problem because every single Filipino is a part of this crisis. We should be a part of the solution because in the first place, we are the ones who owe the debt.
Exert extra effort in solving this problem. Try to explore other alternatives to solve the crisis. Or else, our debt will get bigger and bigger till each Filipino already owes a million to IMF and World Bank.
Big loans are okay, but at least make sure it goes into basic and social necessities for the Filipinos. Give them their money's worth.
It's not the amount, it's how you spend the debt.
Dinah F. Silverio
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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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