"The Philippine government promotes the deployment of women workers to help it pay the interest it owes on loans from multilateral institutions such as the Asian Development Bank, the International Monetary Fund, and the World Bank. Loans saddle the Philippines with annual interest payments of approximately $2.5 billion. From 1970-1998, the Philippines paid $77.6 billion in interest and principal to foreign creditors. The debt of the Philippines has not decreased; to the contrary. Since the country incurred its first debt, in 1962, its foreign debt has steadily grown, reaching more than $52 billion by 2000."
- Rhacel Salazar Parranas - The Force of Domesticity (2008)
It's one of those things I've always kind of known but reading those numbers on paper makes me want to vomit and die.
Hmmm...then maybe I wouldn't have to write this paper.
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