FDC In The News

Philippine Daily Inquirer
18 January 2008, Online
http://newsinfo.inquirer.net/breakingnews/nation/view/20080118-113346/Group-urges-Congress-to-retain-cuts-in-budget-debt-account

Breaking News / Nation
Group urges Congress to retain cuts in budget debt account
By Norman Bordadora
MANILA, Philippines — A non-government organization on Friday called on the congressional bicameral committee reconciling differences between the two chambers’ versions of the 2008 budget to retain the cuts in debt interest payment and reallocation for basic services.

The Freedom from Debt Coalition said Senate President Franklin Drilon had raised a valid issue when he questioned the alleged pork barrel insertions in the General Appropriations Bill but added Malacañang was using the issue to derail the proposed reduction in debt interest payments.

“Not only is it riddled with pork barrel insertions, the allocations for essential services such as health, education and housing are woefully inadequate while allocations for interest payments on the debt capture a much bigger chunk of the funds,” Lidy Nacpil, FDC vice president, said in a statement.

“But this particular bill is historical because for the first time, special provisions were included that call for the suspension of interest payments on an initial set of loans identified as illegitimate as well as payments to unsecuritized Marcos debts,” she
added.

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