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By Prince Golez, Manila Reporter
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MANILA – A resolution seeking to conduct a “comprehensive” audit of the country’s foreign loans has been filed in the Senate.
Senate Resolution No. (SRN) 253 aims to verify whether these loans are legitimate and enact legislation on the proper use of foreign loans.
It also wants to ensure if the country’s loan agreements with international financial institutions conforms with the principles set by the United Nations Conference on Trade and Development (UNCTAD).
“Carrying out a legislative audit of public debt could lead to the repudiation of the illegitimate part of the country’s debt and free funds to augment the government’s social spending and guide us in reformulating our policies based on the UNCTAD principles,” Sen. Risa Hontiveros, one of the two senators who filed the resolution, said.
Hontiveros earlier voted against Philippine membership to the China-led Asian Infrastructure and Investment Bank.
The country should conduct a debt audit first before it joins another international financial institution, she explained.
The newbie senator lamented that P214.5 billion has been allocation for debt servicing under the 2016 national budget.
SRN 253 was co-authored by Senate President Aquilino “Koko” Pimentel III./PN
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