Group to protest ADB's plan to expand role in private sector
05/04/2008 | 10:37 PM
MANILA, Philippines - A local coalition will launch a Monday morning protest against the Asian Development Bank (ADB), the Philippines’ largest multilateral debtor, to highlight the group’s opposition against the bank’s new long-term strategic framework (LTSF) from 2008-2020.
In a statement, the Freedom from Debt Coalition (FDC) said the plan intends to expand the ADB’s private sector involvement to boost market-led economic growth in Asia and the Pacific region. To be held Monday at 10:30 in front of the bank’s Manila headquarters, the protest also coincides with the Bank’s 41st Annual Governors’ Meeting in Madrid, Spain.
As of April 2007, the country’s outstanding debt to ADB amounted to$ 3.04 billion,$ 1.18 billion of which had been transacted and implemented directly by the Department of Finance. All in all, ADB debts amount to 9.19% of the total national government foreign debt.
“With the ADB as the country’s partner in its so-called development, the Philippine’s GDP growth dropped from an average of 8.26% annually from 1947-1966 to an average of only 3.95% from 1967-2007," the statement said. “The country experienced gradual deindustrialization over the years, with domestic manufacturing shrinking relative to its ASEAN neighbors, and agriculture and industry suffering a continuous decline in GDP share. Poverty continues to be unabated, made worse even by skyrocketing prices in electricity, water, and food."
Given this, the Freedom from Debt Coalition (FDC) believes that ADB’s legacy to the Philippines can be summed up in four words: more debts, less development. FDC insists that ADB’s continuing existence will only result in greater misery and poverty, as neo-liberal reforms especially the privatization program that the bank proposed years back have caused suffering among Filipinos.
In its LTSF, ADB gears itself towards greater support for “stronger private sector involvement in development," promising to scale-up its private sector operations from 12% in 2007 to 50% by the year 2020. For Asian governments like the Philippines, this means only one thing: accelerated privatization of government services and utilities.
The LTSF recognizes that poverty remains the central challenge facing Asia and the Pacific region. Likewise, it states that rapid economic growth is putting severe strains on the environment.
“However, increasing private sector’s leverage in development projects would be dangerous due to their profit-oriented activities and strong disregard of the existing Bank’s policies safeguarding local communities and the environment from disastrous impacts," FDC said. - GMANews.TV
In a statement, the Freedom from Debt Coalition (FDC) said the plan intends to expand the ADB’s private sector involvement to boost market-led economic growth in Asia and the Pacific region. To be held Monday at 10:30 in front of the bank’s Manila headquarters, the protest also coincides with the Bank’s 41st Annual Governors’ Meeting in Madrid, Spain.
As of April 2007, the country’s outstanding debt to ADB amounted to$ 3.04 billion,$ 1.18 billion of which had been transacted and implemented directly by the Department of Finance. All in all, ADB debts amount to 9.19% of the total national government foreign debt.
“With the ADB as the country’s partner in its so-called development, the Philippine’s GDP growth dropped from an average of 8.26% annually from 1947-1966 to an average of only 3.95% from 1967-2007," the statement said. “The country experienced gradual deindustrialization over the years, with domestic manufacturing shrinking relative to its ASEAN neighbors, and agriculture and industry suffering a continuous decline in GDP share. Poverty continues to be unabated, made worse even by skyrocketing prices in electricity, water, and food."
Given this, the Freedom from Debt Coalition (FDC) believes that ADB’s legacy to the Philippines can be summed up in four words: more debts, less development. FDC insists that ADB’s continuing existence will only result in greater misery and poverty, as neo-liberal reforms especially the privatization program that the bank proposed years back have caused suffering among Filipinos.
In its LTSF, ADB gears itself towards greater support for “stronger private sector involvement in development," promising to scale-up its private sector operations from 12% in 2007 to 50% by the year 2020. For Asian governments like the Philippines, this means only one thing: accelerated privatization of government services and utilities.
The LTSF recognizes that poverty remains the central challenge facing Asia and the Pacific region. Likewise, it states that rapid economic growth is putting severe strains on the environment.
“However, increasing private sector’s leverage in development projects would be dangerous due to their profit-oriented activities and strong disregard of the existing Bank’s policies safeguarding local communities and the environment from disastrous impacts," FDC said. - GMANews.TV
