Philippines to extend $1B loan to IMF

**vinj** · June 27th, 2012 11:15 AM

Originally Posted by CoDer

Nag dilang anghel ka brad.

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

Ibagsak ang imperyalistang kahit ano!

**uls** · June 27th, 2012 11:20 AM

^^^

at yan ang mga pinakamatalino sa mga jologs

**Altis6453** · June 27th, 2012 04:47 PM

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** · June 27th, 2012 04:58 PM

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** · June 27th, 2012 06:51 PM

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** · June 27th, 2012 07:01 PM

Originally Posted by 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.

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** · June 27th, 2012 07:06 PM

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** · June 28th, 2012 09:42 AM

Originally Posted by uls

^^^

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

Originally Posted by 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.

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

**CVT** · June 28th, 2012 09:50 AM

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_** · June 28th, 2012 09:57 AM

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...