Thursday, June 28, 2012

Philippine Foreign Debt in Trillion


Hogging the headlines the Philippine government extended loan assistance to other countries via the International Monetary Fund or IMF. As an ordinary citizen of this nation majority of its population has long been troubled by grinding poverty, this update put me in limbo. Right away, I don’t know what to say. It was like I was in a state of shock. Mildly, disbelief.

While the loan scheme assures financial benefits to the grantor in a form of interest, I believe that the act is “wrongfully correct.” Correct in a way that we have moral obligation to help other countries which are in financial distress and wrong for its form and timing.

The Philippines is not a rich country to be able to financially help other nations.  We can probably help in other forms. But financially even though loans? This is outrageous because more especially that the Philippines is wallowing in a debt crisis to the tune of, sources claimed, P2.44 trillion. Obviously, the Philippines failed to recover. The strategies which all past administrations were saying before failed. I believe that, unless new ways are taken, we will not improve. Foreign debt will continue to accumulate which will reduce all development efforts of the current administration to nothing. As to the new ways, this is the puzzle that the government has to solve in consultation with the people.  Problems of lack or absence of consistent social services for the people are recurring. Priority is the right term. We have to prioritize or people. We have to prioritize to fund our own strategies. 

Another thing, helping countries for returns (like interest) is immoral. That is my opinion. You cannot be morally upright if you help a needy person, for instance, to get interests. In fact, this is not helping. This will backfire. If you really want to help, don’t expect for returns.

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