JSAPMDD joined the Freedom from Debt Coalition (FDC) and the Philippine Movement for Climate Justice (PMCJ) in a demonstration at the World Bank office in Manila, Philippines on October 27 during the two-day visit to the country of World Bank President Robert Zoellick.
Donned in Halloween costumes, the protestors carried placards with messages such as "World Bank is evil, backs corporate greed" and "World Bank sucks the blood of 99% of the world's population."
Ric Reyes, FDC President said that the bank's loan conditionalities such as the structural adjustment programs of liberalization, deregulation and privatization have wrought incalculable damage on to the country. He added that high interest payments and other onerous loan terms have deprived people of basic services. He further said that when economies crash, the Bank offers bail-out programs which only brings about another cycle of indebtedness and bankruptcy.
The protestors also criticized the bank for dipping its fingers into the Green Climate Fund (GCF) as the UNFCCC has named the bank as trustee of the fund, which will be responsible for managing and disbursing climate finance for developing countries.