Part III of “Fourteen Letters to His Holiness Pope Leo XIV” Series
Dear Holy Father:
How to build typhoon-proof and environmentally sound houses, schools, and other necessary infrastructures was initially scheduled to be presented in Part III. However, several readers suggested that this columnist should discuss first how to fund international efforts, as proposed to be led by the Vatican, to end homelessness, aside from discussing the tenets of Cooperative Economics. Yes, instead of the present “crony capitalism,” where the rich get richer at the expense of lowly and poor consumers and taxpayers.
It is challenging to determine the exact number of homeless individuals worldwide, particularly when Pope Francis headed the Vatican State in 2013. Data collection and reporting on homelessness vary significantly in almost all countries, as most governments tend to underreport the number. It made global counting a challenging series of educated guesses. However, it was known that Pope Francis made marginalized people, especially the homeless, a central focus of his papacy.
Although a specific number is unavailable, it is widely acknowledged that homelessness is a global issue. And the number of people experiencing it was substantial before and during Pope Francis’s term. The Catholic Church, under the leadership of Pope Francis, has intensified its efforts to address homelessness through various initiatives, including providing housing, food, and other essential services. However, the Vatican’s efforts made hardly any dent. Pope Leo XIV also belongs to a missionary order, just like Pope Francis, who was the first Jesuit elected to head the Vatican and the world’s nearly 1.4 billion Catholics. It is expected that the new pope, a member of the Augustinian order, will take further steps to address, if not eliminate, homelessness worldwide. That is, if there is a way to fund the fight against homelessness and other social cancers.
In 2024, the Philippines’ total outstanding government debt was approximately $276.27 billion, which represented 61.3% of the country’s GDP. The nominal GDP of the Philippines is estimated at $497.49 billion for 2025. In 2023, interest payments on public debt accounted for 2.27% of the Philippine GDP, or approximately $9 billion to $10 billion annually. This indicates a significant portion of the Philippine economy is allocated to servicing its debt.
Financial media reports that developing countries collectively owe a substantial amount in foreign debt, with the total external debt reaching $8.8 trillion at the end of 2023. This figure represents an 8% increase compared to 2020. Low-income countries (LICs) and middle-income countries (MICs) are particularly vulnerable to this debt burden, with IDA-eligible countries, which are low-income nations, experiencing an even steeper increase in their external debt. In 2022, developing countries paid a record $443.5 billion to service their external debt.
There is an idea that was proposed by an American captain of industry in 1988. Then this columnist got intrigued by it. Here is its background story. This journalist began writing in 1988, contributing a column to two sister publications, the Filipino Journal and the Manila Standard-Los Angeles. He informed his boss, Mar G. de Vera, the editor-in-chief, that since he would be visiting his kin in New York City, he would contact James D. Robinson III, then the CEO of American Express from 1977 to 1993. Why? Mr. Robinson then proposed that creditor countries and international banks should form the so-called “I2D2.” And use the annual interest plus amortization payments to fund socioeconomic projects in the debtor countries. Eventually, Mr. Robinson allowed this columnist to write about it and propose that the Philippines become the pilot country for the “I2D2”.
“Perhaps the Vatican can lead the way in eliminating social cancers such as homelessness, the lack of universal healthcare, and the need for safety nets, among others. Perhaps they can model their initiative after Mr. Biden’s “Cancer Moonshot” project and call it the “Social-Cancers’ Moonshot.”
However, the Philippine government has refused to discuss it formally. The closest development occurred on June 6, 1993, when this journalist accompanied then-Philippine Senate President Edgardo J. Angara to meet with Mr. Robinson in the latter’s private office in New York City to discuss the “I2D2”. But the administration of then-Philippine President Fidel V. Ramos did not approve it.
We also suggested to the Biden Administration that it study the implementation of the I2D2 proposal, as proposed by the then American Express CEO and Board Chairman, James D. Robinson III. A series of the journalist’s discussions on the Institute for International Debt & Development (I2D2) was published. Again, nothing happened.
The “I2D2” topic has been discussed and reprinted in several Filipino-American publications. Since November 2020, it has been primarily addressed in this online publication. Among the column articles presented to then-President Biden was A Biden B2B Doctrine for Economic Empowerment (Part IV): The ‘I2D2’ Proposal. To read more of this column’s articles about Mr. Robinson’s proposed international institute, please search for “I2D2” in the Search Box of this website. Perhaps Pope Leo XIV can order a formal study on the “I2D2” concept that would improve it and make it more acceptable to creditor countries, their central banks, and lending institutions.
After the Robinson-Angara meeting, this journalist was asked by Mr. Robinson to stay behind. He told this journalist that the “I2D2” idea was like a moonshot. But he said that this writer could continue to write about it. This wordsmith considers Mr. Robinson like the “Moses of financial reforms”, with the I2D2 that could help countries end their indebtedness to foreign lenders. Now, this columnist feels like he is Joshua, continuing with the voyage to the “I2D2 Promised Land.” After all, for almost 37 years, he was the only journalist writing about it, and counting. Unfortunately, Mr. Robinson passed away on March 18, 2024, at the age of 89.
Perhaps the Vatican’s financial experts can study the “I2D2” idea if they believe that Pope Leo XIV can develop an improved version of Mr. Robinson’s concept. Perhaps the Vatican can lead the way in eliminating social cancers such as homelessness, the lack of universal healthcare, and the need for safety nets, among others. Perhaps they can model their initiative after Mr. Biden’s “Cancer Moonshot” project and call it the “Social-Cancers’ Moonshot.” Funding for combating homelessness and other social issues can be sourced from the $443.5 billion paid annually by debtor countries to service their external debt.
Very respectfully yours in Jesus Christ,
Roberto (Bobby) M. Reyes
