A renewed call to action: to resist, to imagine, and to build a world where no one is entangled to debt, forced to migrate, and dying to survive

 

A renewed call to action: to resist, to imagine, and to build a world where no one is entangled to debt, forced to migrate, and dying to survive

On June 2, 2025, people from across Asia and beyond gathered at the University of the Philippines Manila for a powerful public forum titled “Debt Chains and Displaced Lives: Confronting Financial Institutions’ Legacies in the Global South.” organized by International Institute of Research and Education (IIRE) Manila together with a range of academic and civil society groups namely, University of the Philippines Center for Integrative Development Studies Program on Alternative Development (UP CIDS AltDev), UP Geography Department, Focus on the Global South, Center for Migrant Advocacy, Committee for the Abolition of Illegitimate Debt, Sumpay Mindanao, Kaagapay OFW Resource and Service Center, Asia Peoples' Movement on Debt and Development and Freedom from Debt Coalition the forum was a space for truth-telling and solidarity. 

 

Dr. Eric Toussaint of CADTM opened the event with a keynote that pulled no punches: for decades, the International Monetary Fund (IMF) and World Bank have propped up dictatorships, imposed harsh neoliberal reforms, and forced countries into cycles of debt that benefit elites while communities suffer. He explained how their policies have led to widespread poverty, the collapse of public services, the destruction of ecosystems, and the mass migration of workers often under dangerous and exploitative conditions. CADTM’s stance was clear: these institutions aren’t broken they were built this way. And it’s time to replace them with democratic, people-centered financial systems rooted in justice, equity, and sustainability.

 

The perspectives that followed grounded this critique in lived reality. Mae Buenaventura from APMMD shared how the debt crisis in South Asia is not just about numbers on a spreadsheet – it’s about survival. From the pandemic to climate disasters to inflation, people are bearing the brunt of overlapping crises, while governments are buried under soaring debt payments. In 2023 alone, interest payments in the region jumped 62%, eating away at already limited budgets for healthcare, education, and basic services. Across the forum, speakers from the Philippines, Bangladesh, Pakistan, and India established a collective awareness of the harm: Rovik Obanil from the Freedom from Debt Coalition traced how the Philippines’ debt spiral began under Marcos and continues today through privatization and regressive taxes. Atty. Tahrin Jerin from Bangladesh exposed how borrowing happens without public consent, pushing women into vulnerable overseas work. Aminah Waheed from Pakistan highlighted how IMF-imposed cuts have fueled land grabs, displacement, and poverty. Sushovan Dhar from India warned that even progressive forces are hesitant to question the debt-driven development model.

 

From the Philippines, Dr. Ed Tadem called out the country’s unique policy of “automatic debt appropriation,” which prioritizes debt payments over people’s needs, and proposed alternatives like a wealth tax. Center for Migrant Advocacy’s Irynn Abano reminded everyone that the Philippines’ labor export policy dates back to the Marcos era, and that relying on OFW remittances to prop up the economy comes at the cost of family separation, insecurity, and injustice.

 

But it wasn’t all critique – there was also a talk about grassroots alternative to free small communities from debt chains. Bianca Martinez from Focus on the Global South spotlighted local alternatives already being practiced: community-run seed saving, agroecology, self-managed loan systems, and food sovereignty projects. These are living proof that another path is possible, one built on solidarity, care, and self-determination.

 

Throughout the forum, one message rang clear: debt is not just a financial issue – it’s a chain that binds communities, uproots lives, and deepens inequality; debt, migration and inequality are political questions and shall not be forgotten; and debt has become a tool for domination. But through collective action, courageous truth-telling, and people-led alternatives, there are ways to break free. 

 

The forum ended not just with a sense of outrage, but with a renewed call to action: to resist, to imagine, and to build a world where no one is entangled to debt, forced to migrate, and dying to survive.

 

Reports from Liz and Eula