IT HAS been described as an “investment in the next generation,” with its supposed results of millions of healthier, better educated Filipinos not expected to be realized anytime soon. But the Conditional Cash Transfer (CCT) program is also an investment that is drawing a substantial chunk of its capital from foreign loans, a fact that has many observers raising red flags.
“The poor of the future will be the ones who will carry the burden of paying off this debt,” says Freedom from Debt Coalition Executive Director Milo Tanchuling, who believes it would be better if the CCT relied on locally sourced funds. That the government is also vague about alternative funding prospects for the program has only made those like Tanchuling uneasy – and wondering if it’s an initiative that is sustainable.
IT WILL be his first official trip overseas as the country’s chief executive, but President Benigno Simeon C. Aquino III has little reason to look forward to his upcoming visit to the United States.
On September 20, Aquino will be at the United Nations General Assembly in New York, where he is expected to present just how far the Philippines has achieved progress in attaining the Millennium Development Goals (MDGs). Unfortunately, in large measure because of the shortcomings of his predecessor, Gloria Macapagal Arroyo, Aquino is bound to acknowledge before other world leaders that the country is falling short of several of these targets.
In September 2000, the Philippines and 188 other countries signed the Millennium Declaration, and committed themselves to achieving a set of eight goals by 2015. These goals – the MDGs – have since been commonly accepted as a framework for measuring development progress for both rich and poor countries.
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