Life-changing features, incisive analysis, no-holds-barred investigative reports...and more!
By John Andrew Agbay:
Ever wonder how
activists fall in love?
How to make
good use of trash!
Q&A on the Estrada Fallout
By Allyn V. Baldemor:
Pesanteng UP--
magsasaka sa kampus
How to make friendships
last a lifetime
Busting Stress and
Beating the Blues
The Untold Feminist Cause
(Lesbian for Dummies)
By Reinier C. Dungca:
How to look for your
Perfect Crystal Partner
A Call for the
Ouster of Estrada
A love story of two worlds
(a script for comics)
UTANG! The Ins & Outs of Philippine Foreign Debt
![Speakeasy! DevastatingThree's Domain [banner and logo]](PROWRIT5.jpg)
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Foreign Debt Crisis John Andrew Agbay
Clearly, the Philippines is burdened with the foreign debt
crisis. It is an indication that the Philippines cannot stand on its
own. Being tied to an enormous foreign debt that doesn't seem to
decrease over time but rather grows with an alarming pace, makes us,
as a nation, dependent on other countries for development and
progress. We could not quite think and decide for ourselves, because
economic decisions and policies are sometimes dependent on our
creditors.
Conclusion
The burden of foreign debt is a direct result of the country
being import dependent and export oriented.
The Philippine government borrow money internationally in order to finance construction of export processing zones.
This crisis is a symptom of a deeper economic depression that can
only be solved within a new framework in which the fate of the
economy is not tied to foreign interest and unjust world economy.
The allocation for debt servicing should not eat up the largest
bulk of the national budget, leaving other areas suffering from
budget deficit. Because what's the point of borrowing from other
countries or international organizations for supposed development
when doing so clearly brings suffering to the very same people that
you are aiming development for?
Graft and corruption in the government should be totally solved
for this is a big hindrance in our aim of solving this crisis. The
government should also impose tighter rules especially for tax
evaders because the country loses a lot from these people. The
neo-liberal approach should also be abolished for this in reality
just contributes to the worsening of the economy. Proofs of this are
the cut in national spending and the exploitation of global
investors.
All the measures presented are indeed difficult to do because the
problem of foreign debt is a complex phenomenon that involves not
only decisions within the country. But through constant effort and
dedication of all Filipinos, this is possible.
The generation of today, especially the college students as
future leaders can contribute a lot to solve this foreign debt
crisis.
copyright © 2001. Allyn V. Baldemor; Reinier Dungca; John Andrew Agbay. University of the Philippines, Diliman, Quezon City All rights reserved |
