Consumers Domain
Missing 2007 Budget data
"We remind the truth-challenged Arroyo government that this is not their money we are talking about."
--by Ana Maria Nemenzo, President of Freedom from Debt Coalition
Despite clear evidence of dishonesty and massive fraud during the 2004 elections, Gloria Arroyo's administration continues to survive up to this day. This was made possible by another level of dishonesty and deceit that continue to cover up her trail and the web of corruption that characterized her government.
Now here she goes again. In trying to keep up with her make-believe story of a beautiful economic picture for the country, her administration is trying to hide the truth behind the government's real fiscal situation.
In Arroyo's proposed 2007 budget submitted to Congress, several important data were missing.
According to the advocacy group Freedom from Debt Coalition (FDC), the missing information is on the following items:
• National Government Financing Program
• Outstanding Debt of the National Government (NG)
• Outstanding Domestic Debt from Regular Liabilities of NG
• Outstanding Domestic Debt Assumed by the NG
• Outstanding Foreign Debt from Regular Liabilities of the NG
• Outstanding Foreign Debt Assumed by the NG
• NG Debt Service Expenditures
• Domestic Debt Service for Regular Liabilities of NG
• Sinking Fund Provision for the Retirement of Domestic Debt
• Domestic Debt Service from Liabilities Assumed by the NG
• Foreign Debt Service of Regular Liabilities of the NG
• Foreign Debt Service for Liabilities Assumed by the NG
"This early in the process of weighing up the budget, we from the civil society community together with our allied legislators in the House of Representatives discovered that important data from the proposed 2007 budget are missing. Particularly disturbing are significant data on the national government's budget financial plan which can clearly show us our real fiscal deficit, position and how much the government has to borrow in order to cover principal debt payments over and above the budget gap," said FDC president Ana Maria Nemenzo.
The data above is supposed to show a clearer picture of how deep the country is in the pit of debt. It will show this administration's addiction to debt and its penchant for acquiring more. What is sad is that despite of this, the government has barely enough resources to spend for vital social and economic services. The reason -- the government borrow simply to have more resources to pay off maturing obligations both domestic and foreign debts.
This government would rather please our creditors than to give priority to the very nation under whose name you borrowed in the first place. As before, debt servicing eats up the biggest share in the country's resources. Payments for interest alone cut more than 30% on the budget pie annually. Adding allocation for principal, our government spends more than 50% of the people's resources to debt servicing! And all of this figures worsened under this fake Arroyo administration.
Nemenzo further stressed, "This is a clear case of denying critical sectors vital time and data in scrutinizing the entire budget. The incident was obviously deliberate and intentional not only in denying people important information about the budget but also in manipulating the accuracy of our government's real fiscal position. What better way to assert the truthfulness of the flamboyant claim by Mrs. Arroyo that we are moving towards a balanced budget and real development than by willfully denying us important facts which can disprove the government's fiscal hearsay?" Nemenzo quipped.
I agree with FDC that this omission could be nothing but deliberate. Those items are always present in the previous proposed budget and how could such highly significant information be missed out?
This government has always been an expert at window dressing. Remember how Gloria Arroyo "solved" the problem of classroom shortage in the country? All she did was manipulate the data. From a classroom-student ratio of 1 for every 50 students, she simply ordered it changed to 1 room for every 100 pupils!
To end this article, I am quoting Nemenzo again -- "We remind the truth-challenged Arroyo government that this is not their money we are talking about. This money belongs to the Filipino people. It is sad enough that we have a bogus administration. But it is sadder when a fake government make false claims in the dubious management, disbursement much worse ownership of the people's resources."
Nicely said.
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Greetings to this column's avid reader, Mrs. Luthgarda Fenequito Faeldonea. Best regards to you!
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