Leaders of the Association for Southeast Asian Nations or ASEAN are hoping foreign creditors would agree to the debt-for-development proposal by the Philippines. “We call upon the Paris Club of international lenders to receive and consider the proposal of the Philippines at the Asian Inter-Parliamentary Organization for debt-equity arrangements to fund projects in the pursuit of the Millennium Development Goals of the United Nations,” an ASEAN statement said. The leaders clarified that they are not seeking debt repudiation, forgiveness, or discounts. Under the plan, they promise to “deploy up to half of their debt service payments to fund reforestation, pollution control, mass housing, information technology, health care, clean water, or other UN MDG projects.”(ASEAN asks int’l creditors to consider debt swap scheme/Inquirer)
