FDC In The News: On ADB and its privatization program

The press release we issued during the media briefing on ADB and its privatization program came out in GMANews.TV (April 29) and in BusinesMirror (April 30, Page 1).

GMANews.TV
29 April 2008
http://www.gmanews.tv/story/92257/ADB-told-to-stop-pushing-for-privatization-of-RPs-food-power-sectors

ADB told to stop pushing for privatization of RP’s food, power sectors
04/29/2008 | 05:15 PM

MANILA, Philippines – The Asian Development Bank (ADB) should stop pushing for and profiteering from the privatization of the Philippines’ energy and grain sectors amid the skyrocketing prices of rice and electricity, civil society groups said in a statement.

The Philippine Working Group on the ADB, which engages the bank on various issues, made this call one week before the bank holds its 41st Annual Meeting of the Board of Governors in Madrid, Spain, on May 3 to 6, 2008.

According to Milo Tanchuling, secretary-general of the Freedom from Debt Coalition (FDC), the multilateral lender should seriously reconsider its strategy of pushing for the participation of the private sector in the power industry.

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BusinessMirror
30 April 2008, Page 1
http://www.businessmirror.com.ph/04302008/headlines04.html

Privatization halt, new loan talks pushed
By Cai U. Ordinario
Reporter

CIVIL-SOCIETY groups urged the government to stop its efforts to privatize any more of its assets and renegotiate canceled loans to prevent the country from paying any more debts, particularly to the Asian Development Bank (ADB).

The Philippine Working Group (PWG) on the ADB, an umbrella organization of local nongovernment organizations, also called on the ADB to stop being a “profiteer” and an agent in the privatization of the energy and grain sectors in the country.

Freedom from Debt Coalition (FDC) secretary-general Milo Tanchuling said during a briefing that the government must stop privatizing assets and instead strengthen its institutions. Based on the Long Term Framework Strategy of the ADB, it was clear, he said, that the bank is more interested in making profits rather than being an agent of change in the region.

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