Senators Slam $1-B Lending to the IMF

Senators criticized on Friday the government’s decision to lend $1 billion from its reserves to the International Monetary Fund (IMF), ostensibly to help other countries in need of funding, while the Philippines is not even financially well-off.

Malacañang had already defended the move, saying it was time for the Philippines to help other countries after having been a recipient of IMF assistance for the past 40 years.

“I’m not in favor (of lending to the IMF). We are a poor country pretending to be rich,” said Senate Majority Leader Vicente Sotto III.

“Wala ngang makain ang mga mahihirap sa atin, magpapautang pa tayo (Why lend when our poor hardly eat)?” Sotto said.

Quite surprised over this development, Senate President Jose “Jinggoy” Estrada said “charity should begin at home.”

“Ang daming kulang sa mga silid aralan sa ating bansa. Ang daming kulang na tulay; ang daming nagugutom; madaming mga pulis at military na walang sariling bahay, tapos magpapautang tayo sa IMF para ipang-tulong sa mga mahihirap na bansa (Our classrooms are wanting. We have a big shortage in bridges; many are going hungry; so many of our police and soldiers don’t have housing, yet we will lend money to the IMF to help poor nations)?” Estrada asked.

He said corruption in the police and military establishments may be reduced if government solves their housing problems.

“Dapat unahin ng ating gobyerno ang pagresolba sa napakaraming problema ng bansa bago magpautang para makatulong sa ibang mga mahihirap na bansa (Government should resolve the many problems in the country before it attempts to lend money to the IMF for relending to poorer countries.),” said Estrada.

read the rest of the story @ Manila Bulletin Website

Philippines discusses China dispute with Myanmar

Philippine foreign secretary Albert del Rosario said he brought up the two-month long standoff in the South China Sea in his talks with visiting Myanmar Foreign Minister U Wunna Maung Lwin in Manila.

"We discussed the West Philippine Sea issue, the peaceful resolution of the dispute in accordance with international law," del Rosario said, using the Philippine term for the South China Sea.
Del Rosario said he brought up the "code of conduct" that some Southeast Asian nations had been promoting to prevent conflict in the sea where several of them have conflicting territorial claims.

"Foreign Minister Lwin said they are looking at it (the proposed code) and we hope that they will consider it," he added.

The discussion came as Philippine and Chinese ships maintained their standoff over the Scarborough Shoal, an outcropping in the South China Sea which they both claim.

The dispute began after Chinese government vessels blocked Philippine ships from arresting Chinese fishermen at the shoal in April.

China claims nearly all of the South China Sea, even waters close to the coasts of neighbouring countries while the Philippines says the shoal is well within its 200-nautical-mile exclusive economic zone.

China and Myanmar are, however, close political and economic allies and Rangon backs Beijing's "one China policy" under which Taiwan is considered "an unalienable part of the Chinese territory".

source:  MSN