Lawmaker files resolution to investigate PH’s $1B loan to IMF

Bayan Muna Representative Teddy Casiño . INQUIRER photo

MANILA, Philippines—Bayan Muna Party-list Representative Teddy Casiño on Thursday filed a resolution seeking an investigation into the country’s US$1 billion loan to the International Monetary Fund.

He urged the House committee on banks and financial intermediaries to tackle House Resolution 2525 Bangko Sentral ng Pilipinas’ (BSP) decision to loan the said amount from its international reserves to the IMF.

“We want to know the wisdom behind this pledge and the terms of these transactions. Is this a prudent investment? We’re not really even helping the people of crisis-stricken countries, only offering to bailout banks, a move or supposed last-minute solution which is still being debated upon by both experts and the public,” he insisted.

He claimed the loan was being used by the Aquino administration to mislead its people into thinking that the country’s economy was improving.

“The announcement that we are now a creditor country is ridiculous and misleading,” he said.

The lawmaker further asked whether the loan was a “political posturing on the part of the BSP rather than a sound economic decision?”

“The fact is, we are still a net debtor country, with total debt and national government debt at an all-time high of $62.9 billion and P5.1 trillion, respectively.”