For Filipino progressives, high time to reject IMF, World Bank neoliberal policies

“The World Bank and the IMF bear major responsibility for the widespread poverty in the Philippines through its imposition of onerous loan conditionalities and so-called development programs that resulted in higher prices, stagnant wages, union busting, cuts in social spending, higher regressive taxes, and displacement of farmers and indigenous peoples,” said Raymond Palatino, Bayan secretary general.