Thursday, October 07, 2004

NR1004a: GOCCs losing funds

Mula sa Tanggapan ni Anakpawis Rep. Crispin B. Beltran
News Release October 4, 2004
House of Representatives, South Wing Rm 602
931-6615 Ina Alleco R. Silverio, chief of staff
Celphone number 09213907362


Anakpawis Representative Crispin Beltran today said that the national
government’s threat against 15 government-owned-and-controlled corporations
(GOCCs) and government financial institutions (GFIs) to “either shape up or get
abolished” was bogus. He said that the abolition of these GOCCS was already

“Malacanang is not saying anything new. From the beginning its plans has been
to privatize the remaining GOCCs and GFIs and sell them off to the highest
bidder who will, in turn, be offering bargain-basement bids,” he said. “It’s
sheer hypocrisy on the part of the national government to accuse these GOCCs of
poor performance and to point out that they’re losing money, when these
problems are actually mere inevitable results of the policies the GOCCS are
forced to implement in accordance with the liberalization edicts of the
executive. The GOCCs are also losing money because of the rabid corruption of
its officials who are pets and favorites of the president,” he said, citing the
case of GSIS.

“In line with its infamous policy of selling off the country’s assets to
foreign investors regardless of the serious implications on the country’s
economic and financial security, Malacanang wants to privatize GOCCs such as
the National Food Authority (NFA), the National Irrigation Administration
(NIA), the National Home Mortgage and Finance Corporation, the Philippine
National Railways (PNR) and the National Housing Authority (NHA). The impending
sale and privatization of these GOCCs are essentially done deals – there are
already bills pending in Congress for the privatization of these firms, as well
as the privatization of GFIs such as the Government Service Insurance System
(GSIS) and the Bureau of Internal Revenue (BIR). These bills are priority
bills – even included in Speaker Jose de Venecia’s supposed blueprint for the
creation of new wealth,” he pointed out.

Beltran said that it was Pres. Gloria Macapagal-Arroyo and her coterie of so-
called economic and finance experts who are driving the economy towards
bankruptcy – “And they’re dragging thousands of government employees with them
through a notorious lateral attrition scheme masquerading as a generous early
retirement program. In the meantime, the impact on the welfare of the citizenry
who are the main beneficiaries of the services provided by agencies such as the
NHA, the PNR and the NFA will also be tremendous.”

“This disorderly basket of threats, wheedling pleas, offers and warnings of
closure is actually part and parcel of the government’s comprehensive plan to
further liberalize the economy and liquidate all remaining assets all at the
expense of the working people while benefiting foreign investors and raking in
more superprofits for multilateral finance agencies mainly the International
Monetary Fund (IMF) and the Asian Development Bank (ADB).”###


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