Philippines: Life Before Debt

To: Jim Kim, President of the World Bank, Takehiko Nakao, President of the Asian Development Bank and other international lenders

  • We urgently call for the cancellation of debts claimed from the Philippines. The Philippines urgently needs resources to pay for relief and reconstruction in the face of the massive destruction, displacement and loss of lives from Typhoon Haiyan (Yolanda) - the strongest typhoon to have made landfall in recorded history. The countries of the global North owe a far greater climate debt to the Philippines because of their accumulated excessive greenhouse gas emissions which are causing climate change. 
  • We join Philippine movements and peoples organizations in opposing loans from international financial institutions for relief and reconstruction. This will only lead to exacerbating the debt burden of the Philippines.

  • We support the call for a comprehensive audit of Philippines debts - including their origins, how they were spent, and the impact of the projects and policies financed by these debts -- that will lead to ending illegitimate and unsustainable debt.
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