The umbrella organization Bagong Alyansang Makabayan (Bayan-New Patriotic Alliance) slammed Mrs.Gloria Macapagal-Arroyo and U.S. President George W. Bush for ‘passing the burden to the people in times of crisis.’
Renato Reyes Jr., Bayan secretary general said it was no surprise why Arroyo supports the $700 billion bailout plan of the Bush administration for financial institutions. He said the bailout would make the American taxpayers pay for billions of bad debts.
“The Bush regime is unjustly forcing the public to clean up the mess that was created by Wall Street itself,” said Reyes.
Reyes said Arroyo ‘employed the same economic philosophy when she pushed for an increase and expansion of coverage of the Value Added Tax (VAT).’ Reyes said, “The burden of resolving the fiscal crisis was placed squarely on the consumers, many of whom come from the poor. This happened despite government’s own shortcomings with regards to tax collection and corruption.”
“Social justice and accountability are concepts lost on Bush and Arroyo,” Reyes maintained.
Reyes said the Filipino people will continue to bear the impacts of the US financial crisis on the Philippine economy. “It [Arroyo government] sees that for the Philippines to waddle through the crisis, people have to shell out more in taxes.”
“Mrs. Arroyo has shown herself a supporter of the Bush bailout of bankrupt private banks. We ask her, if the Filipino people should file for bankruptcy, would she bail them out as well?” said Reyes. (Bulatlat)