Wednesday, October 27, 2004

Scrap RP's membership dues to the IMF

Mula sa Tanggapan ni Anakpawis Rep. Crispin B. Beltran
News Release October 27 , 2004
House of Representatives, South Wing Rm 602
931-6615 Ina Alleco R. Silverio, chief of staff
Celphone number 09213907362

Rep. Beltran scores Macapagal-Arroyo's plans to pay off P6.8
Billion in membership dues to the IMF

Anakpawis Representative Crispin beltran today expressed strong criticism anew
for the Macapagal-Arroyo administration for its decision to issue a new
promissory note to cover the P13 billion advances made by the Bangko Sentral ng
Pilipinas on behalf of the national government as payment for its membership
dues to the International Monetary Fund. The promissory note will be issued by
the Department of Finance (DOF). The BSP has paying the government's dues to
the IMF, and is now demanding payment.

The DOF and the BSP have already discussed the matter of IMF membership dues.
The national government originally owes the BSP P6.8 billion in membership dues
that the BSP has been advancing to the IMF on behalf of the Arroyo
administration, but the amount has already doubled in the last year.

According to the Department of Justice, the republic is the member of the IMF,
and thus it is the duty of the national government itself, and not the BSP, to
pay its membership dues to the IMF. Apparently, membership to the IMF is not
by agency, but as sovereign.

"It's an outrage that the Philippines is being made to shell out billions of
hard currency to pay for membership dues to the same finance institution and
pseudo-global alliance that has buried the country deep in debt," he said. "The
P6.8 billion membership dues should be scrapped totally, and the funds diverted
to increasing allocations for health and education."

"It's shocking to know that apart from being forced to pay the whopping P5.9
trillion to multilateral finance institutions the likes of the IMF, we have to
pay for multi-billion membership dues! There is nothing in our government's
membership to the IMF that benefits the Filipino people. Not only should the
Philippines' immoral foreign debts be repudiated, but country should also get
out of the IMF and completely scrap its membership."#


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