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Aquino told: Stop downplaying threats of US credit downgrade to economy

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“Though in denial, the Aquino government is obviously alarmed with the current global market turmoil following the US credit rating downgrade. He should be.”

 

This was the statement of labor center Kilusang Mayo Uno in response to Pres. Aquino’s statements that recent movements in the local economy is  just normal and that the second US recession since 2008 has little impact on country’s economy.

 

“The Aquino regime’s claimed economic growth during the recent State of the Nation Address as reflected in the improved credit rating of the country does not match falling economic indicators at this point. Aquino’s economic managers are now on tight watch on the continuous plunge of the Philippine Stock Exchange, now on its fourth day,” said Roger Soluta, KMU secretary-general.

 

“This turmoil in the US market that is even worsening the European debt concerns, has only exposed the ailing character of the country’s economy – dependent on foreign investments and loans, OFW dollar remittances, and export-oriented.  The Aquino regime economic policies such as PPP, Philippine Labor and Employment Plan and his Medium Term Philippine Development Plans have not digressed from such orientations but only strengthened the country’s dependence on foreign investments,” said Soluta.

 

“The Aquino regime therefore, should expect nothing but a plunging local economy,” added Soluta.

 

KMU warned the workers and people what this financial crisis meant for them.

 

“This financial crisis of the large financial corporations only means greater exploitation and oppression to the workers and people – massive layoffs, attack to job security, tax hikes to people  and massive cut on social services spending. The workers and people will suffer the impact of this crisis while public money will be bailed-out to the large corporations and banks whose greed for more profits has caused this global turmoil,” said Soluta.

 

“And that is what we should be prepared for.  The Aquino regime which is like the Obama regime will only exploit the current crisis to push for more anti-people and pro-capitalists policies,” ended Soluta. Roger Soluta, KMU Secretary General

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