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Bacolod City, PhilippinesWednesday, November 20, 2013
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Editorial

Let’s guard the ADB
and WB money

Daily Star logo
Published by the Visayan Daily Star Publications, Inc.
NINFA R. LEONARDIA
Editor-in-Chief & President

CARLA P. GOMEZ
Editor

CHERYL CRUZ
Desk Editor
PATRICK PANGILINAN
Busines Editor

NIDA A. BUENAFE

Sports Editor
RENE GENOVE
Bureau Chief, Dumaguete
MAJA P. DELY
Advertising Coordinator

CARLOS ANTONIO L. LEONARDIA
Administrative Officer

The World Bank and the Asian Development Bank have both offered $500 million loans each, or a total of $1 billion to the Philippines to help in its recovery and reconstruction from the devastation wrought by Supertyphoon Yolanda (international name Haiyan). That will be a Godsend to our government and our people, now reeling from its effects.

The two agencies have described these loans to be “soft” ones, which means that they may not charge interest for them, in an attempt to save the country from repayment problems later.

In the announcement of these loans, it was also stated that those are emergency loans, inspired by the courageous efforts of our people to get back on their feet despite the sufferings brought by the calamity. As the president of the World Bank stated in the announcement, this is because they are committed to support the government in its effort to recover and rebuild, and, “to help the Filipino people strengthen their resilience against increasingly frequent extreme weather events”.

What a beautiful assurance of support and concern from the multisectoral lending institution, who said it was also ready to support the conditional cash transfer program for poor families.

All this should bolster our faith, both in the grace still showered on us by our Maker and in the inspiration He has given to these entities to help us.

We should, however, also help to ensure that such loans and assistance are carefully husbanded so that they will all go to the projects they are intended for. In the past, our officials had been noted for diverting such funds to other purposes, and even to their own personal benefit. This time, we, the citizens, should look out and act as we did to many cases, to guard and denounce those who would do this.

This is a wonderful opportunity for us to quickly regain our bearings and rebuild our lives and our homes and livelihood after this tragedy. Let us be alert and on guard, so our country and people can enjoy in full the benefits our international friends have earmarked for us and our future.*

Email: visayandailystar@yahoo.com