The Immorality

of Debt
Prepared by the Faith-
Faith-based Congress
Against Immoral Debts (FCAID)
Presented at the AMRSP-
AMRSP-Men Convention
July 30, 2008 – Mornese Ctr. of Spirituality

“Every seventh year we will forgo

working the land and will cancel all
debts.” – Nehemiah 10:31
 Agrarian Reform & Food Crisis

Power & Oil Crisis

“The policy of relying on foreign financing rendered
our country vulnerable to damaging
conditionalities. In fact, the oil, power, food, and
agrarian reform crises we are experiencing now
are direct results of these conditionalities. These
conditionalities were attached from loans meant
to rescue the government from fiscal quagmires
which lenders took advantage of to make the
government swallow painful, industry-wide
“reforms” acquiescent with the paradigm of neo-
liberal globalization – that of liberalization,
deregulation, and privatization.”

- Freedom from Debt Coalition (FDC)

 Aside from the fact that the country has no
control over the global market prices of
imported oil, the passage of the Oil
Deregulation Law by the Ramos
Administration exacerbates this
vulnerability. The Filipino consumer lost all
protections from the irrational increases in
the world market prices of oil, which
OIL CRISIS
recently rose from around $50 per barrel at
the end of 2005 to June 2008’s $135 per
Loan Details: barrel.
• Loan: The 1994 IMF
Extended Arrangement The average price per liter from 1972 to
(Exit Program) 1995 of premium gasoline and Diesel was
pegged at P5.99 and P3.98. On April 1996
• Lender: International
when RA 8180 was passed, the price per
Monetary Fund
liter jumped to P9.50 for premium gasoline,
• Amount: $650 Million P7.03 for diesel. A decade later shows a
• Conditionality: The Oil picture much much worse. As of January
Deregulation Law (RA 2007, premium gasoline was priced at
Nos.: 8180 and 8479) P37.33 per liter while diesel is 32.62 per
liter.
 To rescue the NAPOCOR, the ADB in 1998
approved a US$300-million loan for the
PSRP. Another $300 million was approved
by JBIC as counterpart. PSRP actually
gave a big push for the enactment of the
Electric Power Industry Reform Act
POWER CRISIS (EPIRA) that will privatize the debt-ridden
NPC and restructure the power industry.
Loan Details:
• Loan: The Power Sector The deteriorating financial position of
Restructuring Program PSALM (Power Sector Assets and
(PSRP)/The Power Sector Liabilities Management Corp.), the agency
Development Program created by EPIRA to privatize the power
(PSDP) industry, led ADB to lend another US $450
• Lender: Asian Development Million under the PSDP, which is basically a
Bank (ADB), Japan Bank for
loan to pay past loans.
International Cooperation
(JBIC)
After seven years, EPIRA has brought
• Amount: $600 M ($300 M
from JBIC, $300 M from about a transition from government
ADB), another $450 M from monopoly to an enhanced private
ADB monopoly—worse, a hundred percent
• Conditionality: The Electric increase in power rates. Under EPIRA, we
Power Industry Reform Act ended up having the second highest
(EPIRA) of 2001 (RA 9136) electricity rates in Asia.
 The GSDP Policy Loan sought to redefine
the role of the state-owned NFA, liberalize
FOOD CRISIS grain trading and encourage greater private
investment in the sector.
Loan Details:
• Loan: The Grain Sector
Development Project The result of conditionalities and debt-
(GSDP) dependence brought about by agricultural
• Lender: Asian loans like the GSDP only contributed to
Development Bank reduce the Philippine agriculture from being
(ADB) an exporter in the early 1970s to an
• Amount: $175 Million importer. The policy conditionalities simply
pushed us to import more and more,
• Conditionality:
jumping from 192,020 metric tons in 1984
Agricultural
to 2.1 million metric tons in 2008.
Liberalization, the
Decrease of NFA
Subsidy leading to NFA
Privatization
 The CMARPRP “promoted the strategy for
effecting land transfer to agrarian reform
beneficiaries based on farmer landowner
negotiations (Voluntary Land Transfer – Direct
Payment Scheme [VLT/DPS]) and community
AGRARIAN state partnership in the planning, provision
REFORM and management of productive investments
CRISIS and critical support services.”

Loan Details: CMARPRP ignored the core social and

• Loan: The Community-
Loan
Managed Agrarian Reform
and Poverty Reduction
Project (CMARPRP)
• Lender: Japan Social
Development Fund (WB)
• Amount: $175 Million
• Conditionality: Market-
Assisted Land Reform
(MALR) via Voluntary Land
Transfer – Direct Payment
Scheme (VLT/DPS)
political principles embodied in the CARP. It
emasculates the government’s inherent
expropriatory powers. Moreover, the market
approach failed to facilitate genuine land
transfer. Due to intense poverty, credit will
likely be used for basic consumption. As for
the landowners, the high cost of maintaining
the land would drive them further to hasten
land conversion, and, having the land itself as
leverage, sell the land at higher prices to
farmers.
 Currently, our As of end-Q3, 2007
debt figure states in trillion pesos, billion dollars

TOTAL Domestic
Foreign Debt
Php 5.144 T Debt Php 1.809 T
US$ 111.51 B Php 3.335 T US$ 39.21 B
US$ 72.30 B

Public Debt PhP 2.540 T PhP 1.679 T

Php 4.219 T
US$ 91.47 B US$ 55.07 B US$ 36.40 B

PhP 0.795 T PhP 0.13 T

Private Debt
Php 0.925 T
US$ 17.23 B US$ 2.81 B
US$ 20.04 B

• Public Debt taken from DoF’s Consolidated Public Sector Debt

• Private Foreign Debt was taken from BSP’s Private External Debt
• Private Domestic Debt was taken from BSP’s FCDU loans of private residents
• Foreign Exchange Rate was pegged at BSP’s end-September 2007 rate:
US$1=PhP46.1315
Debts claimed by ADB (highest multilateral lender)
in percentage
Debts claimed by Japan (highest bilateral lender)
in percentage, end year 2007
Debt claimed by Deutsche Bank (highest Commercial
Bank) lender, in percentage
The Burden of Debt

National Government
Debt per Filipino (using P 42,819.42
2007 NG Debt and NSCB projected
2007 population)

Debt Servicing per

minute (using data on Interest P 1,165,898.02
and Principal payments on 2007)

External Debt as % of
GDP (using NSCB 2007GDP data 34.51%
and external debt data as of Sep
2007 from BSP)
 Another “indirect” debt burden: THE TAX CRUNCH

Source: Bangko Sentral ng Pilipinas

 Heightened Privatization
its proceeds is one of the forms
of non-tax revenues.
 Beefing-up Revenues to Survive

Source: Bangko Sentral ng Pilipinas

 On the contrary, the Church says that…
(Compendium, p. 219)

• Public spending (mostly coming from tax revenues), is directed to the

common good when certain fundamental principles are observed: the
payment of taxes as part of the duty of solidarity: a reasonable and fair
application of taxes; precision and integrity in administering and
distributing public resources. In the redistribution of resources, public
spending must observe the principles of solidarity, equality and making
use of talents. It must also pay greater attention to families, designating
an adequate amount of resources for this purpose (219-220).
• DO WE FOLLOW THESE BASED ON THE DATA PRESENTED?
 Debt Service and Borrowings Drop
notice the drop in previous tables
• The debt to tax ratio became almost 1:1 in 2006.
• But there was a drop of debt payments and
borrowings from 2006 to 2007 due to the ff:
1. Less Debts to Pay:

Pre-payment of Debts: Last 2006, our Government pre-paid $220
million worth of obligations to the IMF - Note spike in debt service
in 2006

2. The further weakening of the US Dollar.

3. More Revenues to Burn

Implementation of the 2% increase in RVAT

Privatization of Assets

GDP increase leading to increase in taxes
• However, figures show that the
drop in debt payments from 2006
to 2007 did not translate into a
proportional increase in social
spending.
As Church leaders, why
is there a need to
engage on the issue of
debt?
 Biblical/Christian
Perspectives on the
Issue of Debt

References:

• Catholic Women’s Devotional Bible (New Revised Standard Version

Catholic Edition)
• Compendium of the Social Doctrine of the Church (Pontifical Council
for Justice and Peace)
• The Relevance of the Old Testament Law for Christian Ethics (Chris
Wright – International Director, Langham Partnership International)
• Immorality of Debt Presentation (Fr. Percy J. Bacani, MJ)
What the Bible has to say about DEBT?

• On Creditor Responsibilities
o Deut 24: 6, 10-13 Miscellaneous Law - “No one shall take a mill
or an upper millstone in pledge, for that would be taking a life in
pledge…10When you make your neighbor a loan of any kind, you
shall not go into the house to take the pledge…If the person is
poor, you shall not sleep in the garment given you as the pledge.
You shall give the pledge back by sunset so that your neighbor
may sleep in the cloak and bless you; and it will be to your credit
before the Lord your God.”
o Neh 5, Nehemiah Deals with Oppression - a story of oppression
done through exacting interest from lent money
• Responding to Poverty – Sabbath
and Jubilee Year
o Deut 15, Laws concerning the
Sabbatical Year “Every seventh year,
you shall grant a remission of
debt…11Since there will never cease
to be some in need on the earth, I
therefore command you, ‘Open
your hand to the poor and needy
neighbor in your land.’”
o Lev 25 – The Jubilee Year
• Ban on Interests
o Lev 25:36 – “Do not take interest in advance or
otherwise make a profit from them, but fear your
God; let them live with you.”

o Deut 23:19 – “You shall not charge interest on loans

to another Israelite, interest on money, interest on
provisions, interest on anything that is lent…”
 What faith-
faith-based leaders and institutions
worldwide have to say about debt? (Bacani)
• A society's worth, said Mahatma Gandhi, is to be
measured by the value it places on its weakest
members.
• A Methodist bishop from Argentina today urged
"dependent countries" to confront the global economic
system "in which we are becoming the property of those
who hold our debt"- creditor nations.
• Ngoyi Misenga of the Church of Christ in Congo said that
"economic collapse" in her country meant that "boys are
having to go into the army or police, girls are going into
prostitution, and young children are winding up on the street
-- all places of bad violence.“
• Archbishop Desmond Tutu:
“I've called for a long time for the cancellation of the crippling debt which we have
had to bear for so long... this is the new moral crusade: to have the debt cancelled,
following the Biblical principle of Jubilee. Basically this principle says that
everything belongs to God; all debts must be cancelled … to give debtors a chance
to make a new beginning.”
• Francisco de Assis da Silva, a priest from the Episcopal
Anglican Church of Brazil, was more direct.
“Declaring that debtor nations have been "forced to accept the
perverse logic and morality of International Monetary Fund policies
that raise taxes, cut social spending and freeze wages," and that
"the churches must have the moral commitment to persuade
governments to stop the payment of interest "so we can have
justice and self-determination.“

• Pope John Paul II affirms that

“In his Providence God had given the earth to humanity, that meant
that he had given it to everyone. Therefore the riches of Creation
were to be considered as a common good of the whole of
humanity. Those who possessed these goods as personal property
were really only stewards...The jubilee year was meant to restore
this social justice”.
• Pope John Paul II
– “Debt relief is urgent
.... and a precondition for
the poorest countries to
make progress in their
fight against poverty. This
is something which is
now widely recognized.
We have to ask, however,
why progress in resolving
the debt problem is still
so slow. Why so many
hesitations?”
The Social Doctrine of the Church says:
(Compendium of the Social Doctrine)

Wealth exists to be shared – Goods, even when legitimately owned,

always have a universal destination; any type of improper
accumulation is immoral, because it openly contradicts the universal
destination assigned to all goods by the Creator (p.104).

Although the quest for equitable profit is acceptable in economic and

financial activity, recourse to USURY is to be morally condemned:
Those whose usurious and avaricious dealings lead to the hunger
and death of their brethren in the human family indirectly commit
homicide, which is imputable to them”. From the Magisterium’s own
words – usury is tragically widespread; “a scourge that is also a
reality in our time and that has a stranglehold on many peoples’ lives
(p. 212).
 Other Church document sources that show
how debts become immoral.

(Tertio Millennio Adveniente # 51) JP II, Vatican,
November 10, 1994

(Sollicitudo Rei Socialis # 19) JP II, St. Peter’s Basilica,
Rome, December 30, 1987

(Ecclesia in Asia # 40) JP II, New Delhi, India, November
6, 1999

(Ecclesia in America # 22) JP II, Mexico City, January 22,
1999

(Ecclesia in America # 59) JP II, Mexico City, January 22,
1999

7/21/2008 The Immorality of Debt - Prepared by FCAID 31


Catechism of the Catholic Church

John Paul II, Catechesis at General Audience (4
February 2004), 3: L’ Osservatore Romano, English
edition, 11 February 2004, p.11.

Cf. John XXIII Encyclical Letter Mater et Magistra: AAS53
(1961), 433-434, 438.

Cf. Pius XI Encyclical Letter Divini Redemptoris: AAS29
(1966), 103-104.

CBCP Statement on the Foreign Debt Problem, 1990
<http://www.cbcponline.net/documents/1990s/1990-
foreign_debt.html>
When there’s greed? When it becomes a source of conflict? When it creates war?

When does DEBT become IMMORAL?

When it becomes burdensome? When there’s fraud?

When it enslaves people?

 Today, there’s an existing
system of Global Poverty
• In a world that is richer than ever before, where satellites
can beam images across continents in seconds, where
human beings made probes can land on the surface of
Mars, and where scientists can map our entire genetic make
up.
• Why is it that in the last 24 hours another 35,000 people
have died from curable disease?
• Why millions more go malnourished and more than a billion
people live on less than a dollar a day?
• Why can we not give everyone three meals a day, clean
water, an income that makes a decent life possible?
• In short, why can’t we end poverty?

7/21/2008
Historically, debt becomes immoral because there’s…

Unequal power relations!

Concretely speaking, in the Philippines, this means…

Lack of support & Poor health

Dilapidated and prioritization given to services.
overcrowded classrooms; the Agricultural
poor quality of education. sector puts pressure
on rice production.

Loss of lives due to undelivered services.

Loan: Second Social Loan: Maritime Comm’n Loan: Grains Sector
Expenditure Proj. Phase 1 (dubbed as & Dev’t Program
Management Program the Global Maritime Proj. (GSDP)
(SEMP 2) in the Reports) Owed to: ADB (ODA)
Owed to: IBRD Owed to: JAPAN (ODA) Amt: GSDP Policy
Amt: $40 M for Amt: ¥2,633 M Loan ($100 M); GSDP
textbooks . Investment Loan
($75 M)

The Philippine
Debt Servicing over Social Government
Services;; the Health sector
Services
suffered a lot having the depends heavily on
smallest budget amongst foreign lending for
the Social Services. the improvement
and delivery of its
basic Social
Services.
 1st point: The immorality of the debt
burden is seen in its social costs.

For the Philippines, many Asian countries and

the rest of the Third World, annual debt
payments grab the largest share in national
revenue allocations leaving pittance for
health, education, food production, and
job creation.
The graph shows
that our gross
borrowings and our
total debt servicing
(interest plus
principal) are almost
at par with each
other while the entire
Php 3.71 B that we
supposedly owe as
profit of the lending
institutions.
NG: Total Expenditures vs Interest Payments vs Total Social Services
vs Health vs Education
Neglecting Education

Source: NSCB Philippine Statistical Yearbook 2005

Neglecting Health

Source: NSCB Philippine Statistical Yearbook 2005


The government is borrowing more than its
deficit because it has to cover for the principal
amortization of debts which is an off-budget
expenditure.
 National Government Borrowings, Debt Service,
Budget Deficit, in billion pesos, nominal

Source: Bangko Sentral ng Pilipinas

 The Suffering Continues
DBM Proposed Spending for 2008
(in billion pesos)

Debt Service 624.09 Education 181.86

Interest
295.75 Health 22.90
Payments

Principal Agriculture and

328.34 41.18
Amortization Agrarian Reform

Environment 10.06

Military 61.42

Note: Breakdown of totals may not sum up due to rounding of digits.

 2nd point: Immorality of debt = SOCIAL SIN
(POST-SYNODAL APOSTOLIC EXHORTATION RECONCILIATION AND PENANCE OF JOHN PAUL II TO THE BISHOPS CLERGY AND
FAITHFUL ON RECONCILIATION AND PENANCE IN THE MISSION OF THE CHURCH TODAY, 1984)

As a personal act, sin has its first and most

important consequences in the sinner
himself: that is, in his relationship with God,
who is the very foundation of human life;
and also in his spirit, weakening his will and
clouding his intellect.

7/21/2008 The Immorality of Debt - Prepared by FCAID 48

Social sin

Some sins, however, by their
very matter constitute a direct
attack on one's neighbor and
more exactly, in the language
of the Gospel, against one's
brother or sister. They are an
offense against God because
they are offenses against
one's neighbor. These sins
are usually called social
sins..

Also social is every sin against the common
good and its exigencies in relation to the whole
broad spectrum of the rights and duties of
citizens. The term social can be applied to sins of
commission or omission-on the part of political,
economic or trade union leaders, who though in
a position to do so, do not work diligently and
wisely for the improvement and transformation of
society according to the requirements and
potential of the given historic moment..

Whenever the church speaks of situations
of sin or when the condemns as social sins
certain situations or the collective behavior
of certain social groups, big or small, or
even of whole nations and blocs of nations,
she knows and she proclaims that such
cases of social sin are the result of the
accumulation and concentration of many
personal sins.
Albert Nolan, in his book God in South Africa: The Challenge
of the Gospel, offers us an alternative perspective on the
nature of sins:
“The personal and the social are two dimensions
that are present in every sin. All sin is both
personal and social at the same time… All sin is
personal in the sense that only individuals can
commit sin, only individuals can be guilty, only
individuals can be sinners. However, all sins also
have a social dimension because sins have
social consequences… Sins become
institutionalised and systematised in the
structures, laws and customs of a society.”
Examples of social
structural sins
(sins of the whole society):

Apartheid,
slavery &
so is DEBT
“Accumulation and concentration
of many personal sins”
 • “Give a man a fish”, the saying
goes, “and he will eat for a day;
teach a man to fish and he will
always eat”. The problem with this
saying is that even when you
teach a man to fish, there are still
signs that say, “NO FISHING”. So,
in addition to teaching a man to
fish, we also need to take down
the “NO FISHING” signs! There
are systems in place that prevent
people from fishing, whether they
NO FISHING!!! know how to fish or not.

“Structural sin”
3rd point: Immorality of debt is the
COMMODIFICATION
of the human being and nature.
The dominant religion of our time is
Economism: The God is endless growth; its
priests are economists; its evangelizers are
advertisements; its laity are consumers; and
its church is the shopping mall. Its virtue is
competition; its vice inefficiency. Salvation is
through shopping alone.

- John B. Cobb, Jr (1991)-

• But Jesus presents
and entirely different
kind of economy, one
infused with the
mystery of abundance
and a cruciform kind
of generosity. Five
thousand are fed and
12 baskets of food
are left over. (Mk
6:31-44; Lk. 9:12-17;
Mt. 14:15-21)
• Jesus transforms the
economy by blessing
it and breaking it
beyond self-interest.
Debt crisis is finally a spiritual crisis.

• The market ideology wants us to believe

that the world is profane--life consists of
buying and selling, weighing, measuring
and trading, and then finally sinking down
into death and nothingness.
• Priority to having and not being.
In summary, the premise of debts being
declared as immoral are:
• Wealth exists to be shared. If your neighbor is in
need, you don’t tell them, “I can lend you money.”
But instead you share what you have without
expecting anything in return.
• In case of lent money, do not
charge usurious interest rates.
In fact, there should be no
charging of interest rates at all.
• Luring your neighbor to lend
money for false needs and when there’s fraud
involved.
 Institutionally this
would mean…
• The government “legitimately”
prioritizes debt service over social
services and other crucial
industries and sectors.
• The government can lend money
on behalf of the 94 million Filipinos
and therefore, negotiates and
accepts terms and agreements of
• With this, the lenders can “legitimately” creditor agencies “legitimately”.
imposed conditionalities (e.g. structural
adjustment programs, SAPs).
• Lenders can intervene and “legitimately”
violate Philippine sovereignty as a nation using
the treaties and agreements entered into by
the Philippine government.

In short, not all “legitimately-passed” laws,

agreements, orders & resolutions are fair,
humane & just.
Faith as Praxis

Respect for Nature

Economic and Social
Justice

Cancelation of debts

Culture of Peace
Debt Campaign Efforts
NATIONAL ARENA:
The Freedom from Debt Coalition (FDC) leads in the debt campaign efforts. Some of
the efforts done by FDC are:

• Repeal of the Automatic Appropriations Law (PD 1177)

• Joint Congressional Debt Audit
• Creation of the Citizen’s Debt Audit Commission
• Campaign on the Illegitimate Debt Cases (e.g. Austrian Incinerator Loans)
• Working on the advocacy on public utilities (power and water) and highlighting their
link on the issue of debt; conditionalities imposed in the loan agreements particularly
in the power and water sectors are heavy and which involves in the legislative
intervention of lender/creditor countries and banks.
• Building constituencies in different sectors mostly affected by illegitimate debt cases
(e.g. PEOPLE AGAINST ILLEGITIMATE DEBT – P.A.I.D., Stop Toxic Debt for the Incinerator
Loan, Task Force Diskaril for the North and South Rail Projects, Youth Against Debt for
the Textbook Loan, etc.)
• Budget Initiatives – Special Provisions on the Debt (Repeal PD1177) and
prioritization of social services through higher budget allocations for health,
education, agriculture and agrarian reform and environment.

Developing solidarity efforts especially on the side
of creditor countries (e.g. Austrian groups for the
Incinerator Loans)

Led the Parliamentarians’ petition which also
includes our own Senators & Representatives (e.g.
Sen. Aquilino Pimentel, etc.)

Highlight the concept of illegitimate debts
through participation and conducting of seminars
in various international (official & parallel action)
conferences.
International Arena
led by FDC, Jubilee South and other allied international partners

• Developing solidarity efforts especially on the

side of creditor countries (e.g. Austrian groups for
the Incinerator Loans)
• Led the Parliamentarians’ petition which also
includes our own Senators & Representatives
(e.g. Sen. Aquilino Pimentel, etc.)
• Highlight the concept of illegitimate debts
through participation and conducting of seminars
in various international (official & parallel action)
conferences.
Faith--based Efforts
Faith
National and International
 After the JUBILEE 2000 DEBT CAMPAIGN
comes the PHILIPPINE SABBATH YEAR
CAMPAIGN
General Thrusts of the Campaign
• Building a strong network of constituents
among faith-based groups.
• Promoting and popularizing the moral
dimension of the debt issue to the public.
• Pushing for concrete policy reforms on the
debt.

Main Tasks of the Campaign

• Education – train the faith-based constituency
• Organization – building of consensus
• Mobilization – act together & build solidarity actions
 Where are we in the campaign?

A loose network of faith-based groups and
individuals who are willing to pursue the call of
Jubilee after seven years was created. In
preparation for its broadening, a Coordinating
Committee which will lead the implementation of the
Philippine Sabbath Year Campaign Project was
formed .

Named as the Faith-based Congress Against
Immoral Debts (FCAID), the network/alliance
focuses on the relationship of debt and morality/faith
and how the relationship is intertwined with the
concept of illegitimacy of debt.
 Where are we in the campaign?...

Touch-based with important faith-based organization
and individuals (CBCP, NASSA, AMRSP, PCEC and
other Evangelical organizations) .

Secured a commitment from NASSA re the
campaign’s education program.
 Major engagements for this year:
• Development of the Training Module, Resource Book & Bible
Study Guides on Immoral Debts (Aug-Oct 2008).
• Production of campaign materials (e.g. pins, video, flyers).
• Conduct a pilot Trainers’ Training that will help in the
identification and development of champions, spokesperson
and allies who are capable of training, organizing and
mobilizing faith-based constituents on the issue of debt.
• Massive education sessions in churches and communities.
• Mobilizing constituents to help in the lobbying efforts in our
government & in the lender side for the repudiation and
cancellation of the Austrian Incinerator Loan and other cases.
• POSTCARD CAMPAIGN targeted to parliamentarians.
• Develop relationship with faith-based media which will help
popularized the campaign.
• Preparations and discussions with other faith-based
denomination on the issue of immoral debts.
• Hold an “Inter-faith Unity Congress” on January 2009.
AS FAITH-BASED LEADERS,

WHAT CAN YOU

CONTRIBUTE TO
THESE EFFORTS?
For AMRSP, FCAID suggests the following:
• Creation of a debt desk within the AMRSP structure
or a similar arrangement (e.g. coordination of future
trainings and seminars on immoral debts per
congregation/order/schools).
• Help in linking up with other key faith-based
organization like CEAP/MAPSA.
• Appoint a spokesperson in contribution to the FCAID
pool of speakers.
• Actively help in the lobbying efforts through the
POSTCARD campaign & organizing of constituents to
talk to Representatives of Congress.
Faith-based Congress Against
Faith-
Immoral Debts (FCAID)

For more information & request for materials & dialogues,
please see contact details below:
o Project Name: The Philippine Sabbath Year Campaign
o Contact Person: Ms. Jofti A. Villena, Project Coordinator
o Office Address: c/o Kaalagad Katipunang Kristiyano Office
(KKK), Rm. 230 St. Anthony’s Building (between
Cambridge and Oxford Sts.), Aurora blvd., Cubao, Q.C.
o Telefax No.: +632-4381322; Mobile No.: +639217941407
o Email Address: fcaid@yahoo.com / joftifdc@yahoo.com
May all Churches and faith-
faith-
based groups work for the
repudiation and cancelation
of all immoral debts!
Thank You!

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