By Jubilee USA Staff
Today, United Nations human rights expert Cephas Lumina called on international creditors to cancel the Philippines' debt and to aid the country with grants and not new loans. Since Typhoon Haiyan struck the country in early November of last year, the Philippines has spent more than $3 billion to pay off old debt, much of it originating with the corrupt dictatorship of Ferdinand Marcos. Meanwhile, the Philippines has received less than $500 million in aid despite estimates that as much as $8 billion may be needed to rebuild the country.
Jubilee USA has organized thousands of people to call on the World Bank and other creditors to give grants and not loans to the Philippines. Similar calls led to significant debt cancellation for Haiti in the wake of its devastating 2010 earthquake.
Read more about today's statement by United Nations expert Cephas Lumina.
Sign Jubilee USA's petition calling for debt relief and grants - not loans - to the Philippines.
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