$1 BILLION LOAN PLEDGE BY PHILIPPINES TO IMF

PEOPLE , WHAT ARE YOUR OPINIONS ON THIS!

PLEASE SHARE YOUR THOUGHTS….

ACCORDING TO MALACANANG:

The amount of money for poverty alleviation programs to benefit 3.8 million families is higher than the $1-billion the Bangko Sentral ng Pilipinas is lending to the International Monetary Fund,

The $1 billion or P42 billion for IMF is a loan–charged with interest–and not a dole out, Lacierda noted. “We are not wasting the money. It’s a loan. IMF would pay us back the loan.”

The $1-billion loan is a thin slice from Bangko Sentral’s $77-billion gross international reserves,

Filipinos working in Europe would indirectly benefit from the loan, particularly those in the euro zone countries which borrowed money from IMF, Lacierda added.

TOTOO BA TALAGA BENEFITED ANG OFW NITO NA NAGWORK SA EUROPE?

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ACCORDING TO SEN.MIRIAM SANTIAGO;

Senator Miriam Defensor-Santiago on Thursday hit critics of the $1-billion loan pledged by Philippines to the International Monetary Fund (IMF), which she described as constitutional.

Santiago said questions of legality being raised by some sectors against the IMF loan “have no basis” since the Constitution provides the President with the power to contract foreign loans on behalf of the country.

“Ang dami-daming pinagsasasabi pero hindi naman nagbabasa. The main problem with some of our politicians is that they are illiterate,” the senator said in a speech before members of the Credit Management Association of the Philippines.

Santiago particularly cited Article VII, Section 20 of the 1987 Constitution which states, “the President may contract or guarantee foreign loans on behalf of the Republic of the Philippines with the prior concurrence of the Monetary Board.”

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***OPINION****

The Noynoy Administration finds it necessary to raise CCT (dole out to poor families) funds from 39.5B Pesos this year to 45B Pesos next year. This means only one thing, poverty is on the rise because he failed to address the root of the problem. He chose the more expensive "epoxy solution" just to silence the clamor of hard working Filipinos for meaningful jobs and he wants us to live in "fantasy land" by giving us and the international community the false impression that we are OK by lending out to the IMF 1B dollars. We had belt tightening measures in the past and we incurred a very dismal 3.5% GDP for doing so. We had a 22.8 Billion Peso budget deficit last May...almost half of the amount that is going to be loaned to IMF, so what now is going on in his head?