inances, leaving them uninformed of the costs of foreign-funded projects, according to Sonny A. Africa, executive director of think tank Ibon Foundation.nance in particular as its most rareied realm,” he said in a Messenger chat. “This results in the broader public being excluded from vital decisions that bear on them, their livelihoods and their economic welfare.”fectively excludes them from governance, Mr. Africa said.
Sri Lanka has been rocked by weeks of protests after its government defaulted on a multi-million foreign debt payment, pushing its economy to the brink of collapse. “But this was breached in 2021 and we are now headed towards mid-60%, with serious economic implications,” he said. Mr. Ofreneo, an academic, noted that the Philippines’ external debt under the leadership of Mr. Marcos’ late father, Ferdinand E. Marcos, Sr., drastically increased to $20 billion in 1980 from $2 billion in 1972, the year Martial Law was declared.
“CSOs and grassroots organizations should actively engage with policymakers in both the executive and legislative branches to make sure that the core agenda of government remains to be poverty alleviation and job generation amid the continuing pandemic,” he said in Messenger chat.
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