Another band aid solution!

THE militant Bagong Alyansang Makabayan-Bikol (Bayan-Bikol) dismissed Albay Gov. Joey Salceda’s proposal for a so-called bank shield that would amount to P50 billion saying that it would just obscure the problem and hide the true solution.

According to Tessa Lopez, public information officer of BAYAN-Bikol, “this is another band aid solution that will pour money to the Bangko Sentral ng Pilipinas (BSP) and the Philippine Depositors Insurance Corporation (PDIC), P40 billion to go to BSP and P10 billion to PDIC.”

Salceda has argued that his proposal would protect deposits and shore up depositor confidence in banks which, according to Bayan-Bikol is a very temporary measure.

“The governor is obscuring the fact that the real and long term solution to protect the Philippine economy from the US financial crisis is to junk and abandon the globalization policy of the Macapagal-Arroyo which includes deregulation, liberalization and privatization,” Bayan-Bikol said in a statement.

It added that such policy has tied our economy to the US and made us extremely dependent on the superpower, where they have extracted billions of dollars from our country.

“It is time to sever this type of extremely unequal relation with the US ,” Lopez said.

She added: “Salceda’s most recent proposal is the same with his P75 billion economic stimulus proposal and his Noah’s ark, they just want to pump prime the economy with money to save big corporations but do nothing to protect the people from the long term effects of the crisis.”

“Even the so-called decrease in the inflation rate in Bicol will be inconsequential because the US crisis along with the specific characteristics of the Bicol region will wipe it out. The proposal of Gov. Salceda is incomplete it should be done simultaneously with the junking of deregulation,” Lopez stressed.(BicolMail)

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