Thursday, August 25, 2005

NR0825:Solon bats for bicam commission on debt

Mula sa Tanggapan ni Anakpawis Rep. Crispin Beltran
News Release August 25, 2005
House of Representatives, South Wing Rm 602
931-6615 Ina Alleco R. Silverio, Chief of Staff

Solon pushes for established of Bicam commission on Debt pursuant to Joint Reso No.2; calls for debt repudiation

Anakpawis Representative Crispin Beltran today reminded fellow lawmakers of the Joint Resolution NO.2 Congress passed on third and final reading September 21 last year wherein a bicameral commission on Debt is moved to be established. The resolution was transmitted to and submitted to the Senate September 27, 2004, where a counterpart resolution was filed by Sen. Biazon.

The resolution mandates that the bicam committee do the following:

1. Review and assess the debt policies, strategies and programs of the Philippines;

2. Conduct a public audit of all loans acquired, including assumed and contingent liabilities;

3.Validate the utlization of loan proceeds;

4. Recommend policies and strategies to reduce debt service and ensure effective debt management;

5. Recommend the adoption of legislation and executive measures pursuant to its findings;

6. Review and prioritize legislation pending before both Houses pursuant to the findings of the Commission; and

7. Encourage the active involvment of the private sector in the formulation and implementation of debt management strategies, policies and programs.

“Apart from this, there is the strong recommendation that the Commission look into outstanding debts, including the nature of the debt, purpose, compliance with procedures and requirements, terms and conditionalities, use of the funds, governmen’s absorptive capacity,results and impact of debt-financed projects and programs, creditor and borrower accountabilities and other problems, “ said Beltran.

The veteran labor leader turned lawmaker said even before Congress begins deliberating on the proposal for the 2006 national budget, it’s crucial that it should first go into and examine the oustanding issues regarding debts and diabilities such as the contracts with the independent power producers and their impact on the debts and liabilities of the National Power Corporation (NPC) and the National Government and local governments; the behest loans under the Marcos admnistration with more than 100 cases still pending at the Presidential Commission on Good Government; new cases of behest loans; ad the build operate and transfer (BOT) projects.”

This debt crisis is essentially a war against the Filipino people. We mustrefute the policy of automatic debt appropriation for debt servicing and explore various policy options including but not limited to debt repudiation, cancellation, condonation, moratorium, foreign debt cap and audit. It’s unjust and immoral for any govenrment to force its people to shoulder the burden of debts they, the people did not benefit from,” he said.#


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