The International Finance Corporation (IFC), the World Bank’s private sector lending arm, has been accused of neglecting the rights of indigenous people in the Philippines. The IFC’s support for mineral exploration activities by mining company Mindoro Resources Ltd has led 29 elders from the Mamanwa people to write a letter to the IFC’s Compliance Advisor Ombudsman. The group, who are worried that the mining will lead to the destruction of their native forests, accuses Mindoro of entering “into our ancestral land without proper information and consent from us”, and states that “destroying our forest will affect our daily needs.”
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
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