SOLVING THE WORLD’S PROBLEMS 4: Philippine Proposal for the Millennium Campaign

Former Philippine Chief Justice Hilario G Davide Jr (presently permanent representative in the United Nations) reiterated the Philippine proposal for Debt-for-Equity arrangements to finance projects under the Millennium Campaign:
“The Philippines calls on the UN to spearhead an international campaign to change the concept of debt sustainability from ‘capacity to pay’ to ‘level of debt’ that allows developing countries like the Philippines to achieve the Millennium Development Goals without increasing debt, and where financing the MDGs is not obstructed or hampered by debt service burdens.”

Source: article by Charissa M Luci in the Manila Bulletin
(10 April 2008), image from Microsoft …read more