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Dominguez – Marcos Debt Moratorium Conflict is Pro-Economy & People’s Welfare Check and Balance

Debt Moratorium

By: Elena Grace Flores

YouTube video by Imee Marcos

Senator Imee Marcos spoke with PTV-4’s Aljo Bendijo, Bendijo program over Radyo Pilipinas

Senator Imee Marcos’ Debt Moratorium Proposal

Senator Imee Marcos pleads to the Finance Secretary, Carlos Dominguez to “have a heart.” She says that postponing debt payments would be a better option to shore up funds than to follow President Rodrigo Duterte’s suggestion. That is for the economic team to sell assets and steal if they have to. She also cites a debt relief program grant by the International Monetary Fund to 25 poor nations. Mostly from Africa. This restructures their loans for the next six months. This is a debt moratorium strategy that she got from her late father, former President Ferdinand Marcos in times of crisis. A proven way to be able to put the people’s welfare first.

Dominguez Rejects the Senator’s Suggestion

Dominguez rejects Marcos’ proposal for government to halt payments for maturing foreign debts. Despite the fact that this could free up cash for COVID-19 response. He calls it a “narrow-sighted” measure. Therefore, Dominguez shots down the call of the Senator to temporarily suspend loan payments to foreign lenders. Marcos’ idea to enable the government to extend more subsidies to struggling families and companies that ran out of business due to lockdowns would not be possible anymore for a longer-term. Just in case the problem continues after the end of May.

Economy and People’s Welfare Check and Balance

Marcos, chairman of the Senate Committee on Economic Affairs, added that her idea would unlock some ₱451 billion under the 2020 national budget. That amount covers interest payments on both domestic and foreign loans, a check with the General Appropriations Act showed. However, the Finance Secretary said: “Debt moratorium has not crossed our mind. It was never entertained or will ever be a part of our crisis response measures,” Dominguez said in a statement sent earlier. He added that doing this would put the country’s track record in peril. Honoring our word has allowed us to remain as one of the most attractive investment destinations and one of the world’s favorite bond issuers,” the Finance chief added. On the other hand, the Senator wants to address the people’s plight first then work on the economy when things are already in control.

Fr. Jose Bosch Innovative Skills Training Advocacy Cooperative (ISTAC)

2 thoughts on “Dominguez – Marcos Debt Moratorium Conflict is Pro-Economy & People’s Welfare Check and Balance

  1. Sec. Dominguez is the one who is near-sighted. Every government of the whole world are affected by the COVID-19 pandemic most especially the third world countries. Begging for moratorium from the lenders won’t put our country in a bad image…they would surely understand it, rather than declaring bankruptcy. Isn’t it when your family would face the same dilemma, you would try to beg your lender for a grace period due to emergency? Our nation is in the state of emergency. He didn’t get the idea of Sen. Marcos. Her idea was tested and proven as a solution by her father, in times like this. Therefore, why not apply the same measure?

  2. […] Dominguez – Marcos Debt Moratorium Conflict is Pro-Economy & People’s Welfare Check… […]

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