Section 1April 17, 1989, Sec./Art. 1

Principles. - The task of solving the problem of foreign debt shall be guided by the following basic principles:

(1) The foreign debt service burden should be subordinate to the national development goals of alleviation of poverty, generation of more and productive employment, enhancement of social justice and equity, and promotion of sustainable economic growth. Growth, equity and social justice should have prior claims over and above foreign debt service;

(2) The Government shall take firm, innovative, responsible and pragmatic initiatives in dealing with the external debt problem;

(3) Foreign loan and debt restructuring agreements should not impair our country's sovereignty; and

(4) The people should be adequately informed and consulted, and their support mobilized at all levels of the policy formulation process through dialogues, public hearings and media.