As the relief effort after Typhoon Haiyan (Yolanda) continues, the Philippines is sending $22 million out of the country every day in debt payments.
It’s more than 20% of the government’s income. Join our call for international lenders to drop the debt.
Signatures so far
Who owes who?
The Philippines faces more than 20 typhoons every year. The rich world has sent its aircraft carriers to the Philippines to dispense aid on TV, but away from the cameras their negotiators have been resisting a fair deal to compensate impoverished countries for the impacts of extreme weather events worsened by climate change.
What’s more, the Philippines’ $60 billion debt burden originates from the brutal rule of Ferdinand Marcos – backed by the West in the Cold War. The Freedom from Debt Coalition in the Philippines, and Jubilee South – Asia Pacific Movement on Debt & Development are calling for a debt audit to investigate what these funds were used for, and whether they benefit the people of the Philippines.
New loans are not ‘typhoon aid’
As the extent of the damage from Typhoon Haiyan has become clear, the World Bank and others have offered $1 billion in new loans to the Philippines as typhoon aid. Yet far from being ‘aid’, these loans will deepen the debt crisis that leaves the Philippines unable to cope with the urgent need for relief and reconstruction.