Philippines to extend $1B loan to IMF

[vinj]

Nag dilang anghel ka brad.

Haha, nagising ako dito ah. Mga ong ong talaga. :clap1:

Ibagsak ang imperyalistang kahit ano!

[uls]

^^^

at yan ang mga pinakamatalino sa mga jologs

[Altis6453]

This has to be one of the most sTupid-a$$ comment from a party-list politician:

MANILA - The $1-billion loan of the Philippines to the International Monetary Fund (IMF) will backfire against overseas Filipino workers (OFWs) there, the Partido ng Manggagawa (PM or Workers’ Party) said at a rally Wednesday.

“The $1 billion -- which is the blood and sweat of our OFWs -- will harm our own migrant workers in Europe since the IMF’s austerity schemes dictate cuts in wages, reduction in social programs, and liberalization of labor contractualization,” PM national chairman Renato Magtubo said.

“By extending the loan to the IMF, our OFWs and Europeans workers will earn less, lose public services, and be easier to fire,” he added.

Rivera said only the bankers will benefit from the IMF bailout.

“Ordinary Europeans and migrant workers suffer the pains of austerity. In opposing the loan to the IMF, we are extending the hand of solidarity to our brothers and sisters in Europe. It is amazing that PNoy readily comes to the aid of European bankers but he is blind and deaf to the cries of the Filipino workers for wage increase and regular jobs here in the country,” he said.

On Wednesday morning, PM and Philippine Airlines Employees’ Association (Palea) members picketed the Bangko Sentral headquarters and office of the Department of Finance to protest against the controversial loan, chanting “Help the needy not the greedy! Support Europeans thru solidarity not austerity!”

Gerry Rivera, Palea president, noted that Europeans themselves have rejected the IMF bailout and its conditionalities.

“By protests and through the polls, the workers and people of Greece, Spain, Portugal, Ireland, Italy and France have all rejected IMF austerity,” Rivera said.

Today’s rally today also coincided with the 9th month anniversary of Palea’s fight against outsourcing. Last September 27, Palea launched a protest action against contractualization and up to now maintains a picketline outside the PAL In-Flight Center. Palea has called on the new management of the national carrier led by Ramon Ang to revive the company by reinstating its regular workers. “After nine months of protest, Palea continues to labor for justice,” Rivera said.

‘No global stability’

In reply to Presidential spokeman Edwin Lacierda’s assertion that the loan would help global stability, Magtubo said IMF is actually “destabilizing the economies of Europe.”

Despite receiving several bailouts from the IMF, Greece has been in recession for five years running with unemployment at more than 20 percent in general but more than 50 percent for the youth, he said.

This year, Spain fell into a double-dip recession with unemployment rates similar to Greece, he said. This will be aggravated by austerity measures dictated in the recent bailout scheme, he added.

“Just like Europe, the Philippines too is a victim to the anti-labor and anti-people policies of the IMF. Liberalization has led to the collapse of Philippine industry and agriculture resulting in job losses and rural unemployment. Privatization and deregulation have led to price hikes and worsening poverty,” Rivera explained.

That is why, he said, “It is time for a paradigm shift,” that is, uphold growth and hope instead of recession and injustice in both Europe and Asia. Shift to a new paradigm of living wages, regular jobs, taxes on the rich, social services, national industrialization, and agrarian reform,” Rivera added.

From: Interaksyon.com

[uls]

MANILA - The $1-billion loan of the Philippines to the International Monetary Fund (IMF) will backfire against overseas Filipino workers (OFWs) there, the Partido ng Manggagawa (PM or Workers’ Party) said at a rally Wednesday.

“The $1 billion -- which is the blood and sweat of our OFWs -- will harm our own migrant workers in Europe since the IMF’s austerity schemes dictate cuts in wages, reduction in social programs, and liberalization of labor contractualization,” PM national chairman Renato Magtubo said.

“By extending the loan to the IMF, our OFWs and Europeans workers will earn less, lose public services, and be easier to fire,” he added.

as if naman pag hindi nag contribute ang Pinas hindi matutuloy ang pag impose ng austerity measures ng IMF sa mga bansa na pinautang nila

Rivera said only the bankers will benefit from the IMF bailout.

well the BANGKO SENTRAL will benefit from it. that $1B will earn interest

[cast_no_shadow]

I just dont get it bakit meron against sa move ng gobyerno naten sa pag pledge ng $1B.

Meron bang negative effects ito satin? afaik its a good way to invest, kikita pa nga ang pera natin.

May mga tao lang talaga na maka-kontra lang, hindi aayon kahit ano mangyari basta lagi dapat kontra.

[Altis6453]

I just dont get it bakit meron against sa move ng gobyerno naten sa pag pledge ng $1B.

Meron bang negative effects ito satin? afaik its a good way to invest, kikita pa nga ang pera natin.

May mga tao lang talaga na maka-kontra lang, hindi aayon kahit ano mangyari basta lagi dapat kontra.

Meron kasing mga nananaginip na mapapakinabangan nila ang pera, a la conditional cash transfer (i.e. doleout). Ganyan ang karamihan sa mga yan. Imbes na maghanap ng trabaho o mag hanap-buhay ay puro asa sa gobyerno ang alam.

[uls]

they can't seem to differentiate govt budget from forex reserves

as if naman forex reserves are used for social services

nasa BSP ang forex reserves wala sa gobyerno

akala nila yung pag pautang sa IMF ng $1B nabawasan ng $1B ang govt budget

[vinj]

^^^

at yan ang mga pinakamatalino sa mga jologs

Hopefully we taxpayers did not pay for their education (State U grad/students)... buti pa si Christopher Lao, he redeemed himself big time. :D

I just dont get it bakit meron against sa move ng gobyerno naten sa pag pledge ng $1B.

Meron bang negative effects ito satin? afaik its a good way to invest, kikita pa nga ang pera natin.

May mga tao lang talaga na maka-kontra lang, hindi aayon kahit ano mangyari basta lagi dapat kontra.

So as long as the money doesn't go to their pockets or to the "masa", anything else is wrong and imperialistic.

[CVT]

Ipahiram na iyan... Para sabihin ko sa mga kausap kong Europeans,- isa kami sa mga nag-bailout sa inyo,- mga gvngg*ng!!! :hysterical:

Lalo pang darami ang dolyares ng Pilipinas pagdating dito ng Casino ni Packer at Ho....

Ironic isn't it?,- Kaya umalis ang mga OFWs ay dahil nawalan sila ng tiwala sa Pilipinas at walang (magandang) trabaho rito... Ngayon, sila ang isa sa mga sources ng ating dolyares sa kaban.....

16.0K:dude:

[_Qwerty_]

this forex reserves can not be used locally.. at talagang ginagawa nang BSP yan.. ni invest nila sa mga bonds sa ibang bansa to earn interest.. so this move is the same.. it's an investment.. kasi kikita nang interest..

wala lang kasi masabi yung iba...

[baludoy]

since 2006 pa tayo bayad na ang utang sa imf.

and if we can't help contain the melt down contagion in greece, portugal, spain, italy etc. the consequences for our ofw brothers and sisters and their respective families will be dire. besides, it's just a basically a change in investment vehicle for the bsp

btw, right or wrong; this was an interesting read from boo chanco yesterday: Get used to not being poor - DEMAND AND SUPPLY By Boo Chanco - The Philippine Star » News » Business

[niky]

as if naman pag hindi nag contribute ang Pinas hindi matutuloy ang pag impose ng austerity measures ng IMF sa mga bansa na pinautang nila

And as if the austerity measures are not implemented, the workers will still have jobs.

Wake up, idiots. Those countries are bankrupt. Do you actually think OFW jobs are secure in such an environment, either way? Look at what happened to workers in the US after 2008... laid off here and there... and that was WITHOUT austerity measures. If those countries deficits are not curbed, then a possible total economic collapse will happen. Then, instead of a percentage of our OFWs coming back, everyone will be out of jobs and trying hard as hell to escape from countries where locals will be rioting in the streets and beating the foreigners (that's us) who took away their jobs to a bloody pulp.

well the BANGKO SENTRAL will benefit from it. that $1B will earn interest

And by extension... the Philippines in general... as long as the Italians and Greeks pay up.

Cyprus is going down the big black hole, too. It's only a matter of time.

[Harangody]

Alam ba ng mga bobong rallyista yung meaning ng IMF? Baka akala nila Impossible Mission Force?

[Boy Bastos]

Lalo pang darami ang dolyares ng Pilipinas pagdating dito ng Casino ni Packer at Ho....

Ayos! Ho Packer!

[timrev]

Ayos! Ho Packer!

diba pag dumami yun mga casino sa pinas madaming papasok na foriegn money grabe nga magdala ng pera yun mga chinese at koreans sa paglaro 100m pesos ang puhunan or million +$ ang puhunan pwede makatulong sa dollar reserve ng pinas

[glenn manikis]

Palace, Congress clash over $1 billion IMF loan

Published : Wednesday, June 27, 2012 00:00 Article Views : 561 Written by : Ritchie A. Horario, Jefferson Antiporda and Jaime Pilapil, Reporters
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THE chairman of the powerful Senate committee on ways and means and a colleague lambasted the government for allowing the Bangko Sentral ng Pilipinas (BSP) to lend $1 billion to the International Monetary Fund (IMF), saying the move lacked transparency, public consultation and approval from Congress.

At the same time, committee chair Sen. Ralph Recto and Sen. Gregorio Honasan 2nd asked the Aquino administration to withhold the loan pending clarification on its move to commit $1 billion of the country’s dollar reserves for the economic bailout being packaged by the IMF for troubled European economies.

Recto said that the BSP, as a creation of Congress, could not claim sole proprietary rights over the country’s dollar reserves and should seek consensus first or secure appropriation cover from Congress.

“I’m not totally opposing it but how can the government, through the BSP, lend money to IMF without authority from Congress?” the senator asked.

He said BSP’s mandate is glaringly affirmed by the P40-billion infusion approved by Congress for its recapitalization when it repudiated its old self, P20 billion of which had already been appropriated in the past national budgets.

Recto said the people must also be made to understand why the government is lending money to the IMF while it continuously borrows from international lending and multilateral institutions for budgetary support and deficit spending.

He stressed that the $1 billion loan could be better used to bankroll projects that have mass impact such as school buildings, hospitals and other key infrastructures.

“The BSP could remit the amount as dividend to the national government and use it for the country’s so many needs. Or, the BSP, like a regular bank taking care of business, could loan the amount directly to the national government under the same interest rate that it would get from the IMF,” Recto pointed out.

Investment
But Malacañang doused the lawmaker’s apprehension by saying that the loan would benefit thousands of overseas Filipino workers (OFW) in Europe since they would not lose their jobs in the wake of the Eurozone crisis.

Presidential spokesman Edwin Lacierda said the loan would be used to help struggling companies in various parts of Europe.

“We are not wasting the money. It’s a loan. IMF would pay us back the loan. Non-monetarily, it’s going to help us because it’s going to help the economy of Europe. We have a substantial number of OCWs [overseas contract workers] and we have to protect, it’s in our interest to protect, to help those economies because we have a substantial number of Filipinos there,” he told reporters.

He said these OFWs may be thrown out of work and return home empty-handed and jobless.

“These are the possible consequences if we do not help the global economy,” he added.

BSP deputy governor Magtanggol Gunigundo also countered Recto’s claims and argued that there is a current charter that can support their recent move to extend $1 billion to the IMF.

Under the BSP Charter, Gunigundo stressed, they can give loans to international financial institutions.

He said the country also stands to gain from the loan because it is actually an investment that will earn 0.3 percent in interest.

“We didn’t give the money. It’s a loan. Our international reserves are still at $77 billion because the money is not lost. Our foreign exchange in total reserves went lower but our reserve position in the IMF went higher. We can encash it anytime because the loan to the IMF is considered liquid and is part of our $77 billion gross international reserves that were invested in US Treasury and Japanese funds,” Gunigundo said.

Surprised
For his part, Honasan said that although there was no ill motive on the part of President Benigno Aquino 3rd for such a move, he is being criticized because of the government’s failure to conduct public consultations to explain the purpose of the loan.

He said that the public, including lawmakers, was surprised by the government’s plan considering that the country needs more funding to finance its various pending development and infrastructure projects.

The senator also said that because the plan lacks transparency, the terms and conditions and the benefits that the country may get from the loan were not clearly stipulated and justified.

Recto further claimed that if the reason is to stabilize the peso, which has been appreciating lately, boost the export sector and protect the economy from the European contagion, then the government should allow the $1 billion to flow into the local economy to spur consumption and growth.

“At the end of the day, the country would not be judged on how it helped a troubled First World economic bloc, but on how it exercised fiscal maturity to achieve long-term growths and spared itself from befalling the same fate of the European economies,” Recto said.

He stressed that he was willing to listen to the “gameplan” of the BSP and know why it would risk denying the Filipino people its sovereign claim to $1 billion worth of projects and programs that could “change their lives even for a little bit.”

[robot.sonic]

Palace, Congress clash over $1 billion IMF loan

He stressed that the $1 billion loan could be better used to bankroll projects that have mass impact such as school buildings, hospitals and other key infrastructures.

additional funds na naman na pwede kurakutan.

[CoDer]

^^ Pa epal naman mga pulintiko.

Kung ganyan lang eh di isama nyo sa budget yang dollar reserve ng BSP para marami kayong kurakutin.

[vinj]

^ Just to get this off my back before hitting the sack: gaaad what idiots. pati reserves gusto kurakutin. hati daw sila ng mga tibak.

[Tj_abs]

For sure my corruption din sa bsp. "ride on" . My blessing yan ng malacanan.