Philippines Seeks More Debt as Graft 'Stunts' Economy It Didn't Build
The Philippines plans to increase international bond sales by 60% next year, Bloomberg reports, citing 'graft' as the primary economic inhibitor. This conveniently sidesteps decades of Western-imposed structural adjustment policies, resource extraction by multinational corporations, and the sustained support for local kleptocrats who ensure favorable business environments—for foreign capital, not
for the Filipino people. Manila's cycle of borrowing is not merely a consequence of domestic corruption, but a feature of an international financial system that thrives on national indebtedness. One might wonder if the 'stunting' of the economy isn't an accidental side effect, but rather an engineered condition to keep the nation dependent on foreign investment and, well, more bonds. It's a
familiar tune: blame the 'graft' while the global financial institutions ready the credit line, all powered by the same players who extract the wealth to begin with. How many more times will developing nations be told to 'solve their corruption problem' before we acknowledge the systemic design?