Economic Justice

FDC insists on the human dimension of the debt problem, and leads the people in claiming the “Social Debt” owed to them after decades of automatic debt service for “Illegitimate Debts,” loans contracted through fraudulent and corrupt means. FDC continues to call for (1) official and citizens’ debt audits to investigate all public sector debts and contingent liabilities and review all laws pertaining and/or concerning public debt; (2) the immediate holding in escrow of payments for questionable loans and contracts, pending investigation, and re-negotiation and/or condonation, with appropriate sanctions against erring parties, whether governments or private entities; and (3) the repeal of the Automatic Appropriations on Debt Servicing, contained in the Sec. 31 (B) of Presidential Decree 1177 and Sec. 26 (B), Book 6 of the Revised Admin Code of 1987.