Action Alert: Support Development, End Debt Bondage in the Philippines

June 27, 2014

After Typhoon Haiyan devastated the Philippines last November, the world responded with astounding generosity, donating hundreds of millions of dollars to aid in the recovery effort – $51 million from the United States government alone.

debtprayerbookmark1.gifStand in solidarity with the survivors of Typhoon Haiyan by sending a message to the World Bank President to urge him to call for an immediate moratorium on Philippine debt repayments during the rebuilding process.

As people of faith, we are called to release the captives and forgive those debts that keep the poor in perpetual bondage. Catholic social teaching reminds us that “the right to development must be taken into account when considering questions related to the debt crisis of many poor countries.

Unfortunately, since the typhoon struck on November 8th, the Philippines has paid more than $700 million in debt repayments, and will spend a total of $6.7 billion this year alone. Some of those debts originate from the corrupt and abusive regime of Ferdinand Marcos, who was responsible for the deaths of more than 3,000 Filipinos and the torture of 35,000.

Ask the World Bank President to support the right to development and to place an immediate moratorium on the Philippine debt.

Rather than cancel this illegitimate debt, lenders are still collecting repayments on these loans, taking away resources that could be used to rebuild after the typhoon and further protect the Philippines from the repercussions of climate change.

Click here to send a letter to the World Bank President calling for an immediate moratorium on Philippine debt repayments during the rebuilding process after Typhoon Haiyan, as a next step toward debt cancellation.

Thank You,
Scott Wright
CCAO Director