These pages contain Fil-Global Fellows' files on one of the most controversial issues that surrounded Philippine NGOs and civil society organisations after Macapagal-Arroyo's assumption of the powers of the Philippine presidency in early 2001 -- the PEACe Bonds.
A coalition of Philippine NGOs that supported Macapagal-Arroyo's bid for power raised money for an endowment fund worth over PhP1 billion through the flotation of government bonds. Controversial issues had been raised on this deal -- moral, ethical, political, economic -- the most trenchant of critiques came from the ranks of Philippine civil society itself.
A number of position papers on the PEACe Bonds were circulated in the Philippine NGO community through e-mail and in printed form. Since most of these materials are no longer available online, we have uploaded here those that we have managed to file away. Where material is available elsewhere in the Web we have provided the appropriate links.
We hope that these materials on the PEACe Bonds debate provide a useful resource to researchers, students, and fellow Filipinos wanting to deepen their understanding of Philippine civil society and NGOs, including its politics and anti-politics.
Civil society as crony?
On the matter of the PEACe Bonds
Freedom from Debt Coalition
We belong to civil society in whose name the Caucus of Development NGO Networks (CODE-NGO) made P1.4 billion through the flotation by the Arroyo government of the so-called PEACe Bonds.... The PEACe Bonds controversy goes beyond CODE-NGO. It exposes the weaknesses of Philippine socioeconomic and political life. read on
A case of impermissible rent-seeking
Action for Economic Reforms and Friends
Much heat has been generated by the national government's issuance of the PEACE Bonds that resulted in the transfer of PhP1.4 billion to the Caucus of Development NGO Networks (CODE-NGO). For one, an esteemed colleague in the human development advocacy, Solita Collas-Monsod, has written that the critics' accusation of cupidity or stupidity against " everyone involved [with the PEACE Bonds]...reflects on their ignorance, or envy, or political opportunism." But a good number of critics are not the ignorant, envious and opportunist type. Our opposition to the PEACE Bonds stems from a cold analysis that CODE-NGO was engaged in impermissible rent-seeking to obtain the PhP1.4 billion. read on
Not for poverty eradication
Pagtinabangay Foundation Inc.
Sustainability, though a problem to us, does not give as an excuse to jump into the foray of the CODE-NGO. To access their fund only means blinding ourselves to the issues that surround the P1.4 billion fund, issues on good governance, transparency, influence-peddling and corruption. read on
Smarter than others? The RCBC and CODE-NGO's PEACe Bonds
Jude Esguerra for the Institute for Popular Democracy
CODE-NGO wishes the public to believe that it received P1.4 billion for its PEACe and Equity foundation because of an innovative idea…. Instead of handshakes, CODE-NGO’s revelation of its transaction with government and RCBC [Rizal Commerical Banking Corporation] raised more questions, not to mention eyebrows. download the paper (pdf file)
Robbery in bond--plain and simple
A TODAY editorial, 08 February 2002
No remorse was to be gleaned from President Arroyo's defense of the PEACE bond fiasco that cheated the government of P5 billion in taxes just for starters, and that will then bleed the taxpayers of billions more.... read on
In defence of the bonds
CODE-NGO's PEACe Bonds: Financing civil society's fight against poverty
Danilo A. Songco for CODE-NGO
The idea behind the PEACe Bonds project was to raise P1 billion from the capital market, a potent source of funds. The target amount had to be big in order to make a significant impact on a colossal problem. CODE-NGO would buy bonds from government and sell them in the secondary market. The profit from this sale would be used to establish an independent foundation that would manage a trust fund (only the interest would be spent) to finance NGO/PO projects to fight poverty. download the paper (word doc)
Tax payers were not disadvantaged
Foundation for Economic Freedom
Several arguments have been raised on both sides but we believe that one crucial question has not been adequately addressed in the crossfire. This question, to our mind, holds the key towards developing a dispassionate and rational perspective on the whole issue. read on
Postscript
Don't resign, just return the money
A TODAY editorial, 06 March 2002
We hate to sound uncharitable, but we cannot let pass their maudlin open letter to newspapers without pointing out what they have missed: in fact, they missed the entire point raised in all the hue and cry about the PEACe bonds brouhaha that has caught their organization, the CODE-NGO, in the center of the storm. We have to say this because, unless it is pointed out to them, the people at CODE-NGO and their friends who wonder why people who do charity work should be subjected to endless bashing, will continue to ignore the one important thing they must do to set it right. That is, they simply have to return the money and acknowledge that while the intention was good, the process was wrong. read on
Resignation letter of Songco and Camacho-Reyes
Published in TODAY newspaper, 05 March 2002
The past weeks have been a challenging period for us. We have attempted to clarify issues behind the PEACe bonds in many forums including hearings in both legislative chambers. read on
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