Quote Originally Posted by Jay&Zobel View Post
hmmm... really sad but yeah you are right... i pray PI will not be as rich (NOT) as the 1st world countries when it comes to Utang(Debt) hehe.

there is 5/6 - where Indian Nationals in the PI lend money with high interest charges. i think it works like this:
you borrowed P500 and you must pay P600... (if im not mistaken)
terms: can be daily, weekly or monthly...
they prefer daily hehe so the moment the debt is paid off, you can borrow again hehe. plus they will always go after you! you cant hide hehe...

not all Filipinos can borrow money from the banks especially if you are in included in the grassroots area or below poverty line (which is again sad), the reason: how will you be able to repay the debt?

or Pinoys will vote for their favorite politician-celebrities - hoping that they will be able to be benefited once they won! Hmp lol... Pinoy mentality.. again SAD

Condos, Housing & Subdivision Businesses in PI are fast growing... why? because lots of Balikbayans and other Foreigners who married Pinoys or just would like to settle there.
As well as Balikbayans and people from abroad, my wifes friends who work in Call centres and in fairly well paid jobs in manila seem to be targeted by credit companies both for cards and loans but also to buy Condos etc.
Im told the same is hapening in India, in the new young highly well paid by local standards. Young workers are buying there families houses and items they could not dream off much is funded in advance by credit....

It will work its way down and as I say one president although he or she should be able to see the damage it can do. But as Gordon and other leaders in the West the feel good factor for their voters is very hard to resist.

Give it ten or twenty years and credit will be easily avaiable in Phill. Not long ago it was very rare for the Person in the street to get credit apart from basic HP and loan sharks.