FDC: Covid loans may spur debt crisis; wealth tax needed. . .

Recession

IN a full-day National Conference dubbed “State of the People’s Address: Kumperensiya para sa Pagbangon ng Ekonomiya at ng Bayan [#Bangon]” at UP Diliman, FDC President Rene Ofreneo emphasized that Duterte is ending his term at a time when the economy is in recession.

“During this time when unemployment is increasing, currently pegged at 8.7 percent, and Covid infections continue to spread with almost 1.4 million getting sick, a responsive recovery program from the grassroots is much needed,” Ofreneo said in the event organized a week before President Duterte delivers his last State of the Nation Address (Sona).

Instead, a People’s Stimulus must be implemented where jobs are created, direct income support for affected individuals and households are given, and the budget for health doubled to re-build and strengthen the public health-care system, particularly communitybased primary health care.

FDC also suggested re-directing public spending away from large infrastructure projects in urban centers toward badly-needed social infrastructure; and, transforming energy systems for cheaper, cleaner and more sustainable energy and to create jobs.

FDC advocates building a People’s Economy in order to address current inequalities and ensure the sustainability of the economy.

It has identified four major pillars: the Transformation of the Existing Economy into a People-first Economy; de-carbonizing the economy through a just transition; unleashing the nation’s productive capacity towards a “People-public Partnership;” and building grassroots-based, women-led solidarity networks.