This is all the private banks business strategy for further credit monopoly in the form of lending at interest with collateral requirements.
Philippine private banks US$ dollar loans are up to US$11.4 Billion through foreign currency deposit units (FCDU) loaned at interest to business firms in the productive sectors of the economy. But there is no any trickle or even crumbs of loan towards farming development of the poor Filipino farming families in the countryside who are day to day surviving in the most difficult poverty situations without any subsidy from the Government.
Therefore, I deduce, that there are very strong valid reasons to speed up the reform of the financial system from debt-based to debt-free money creation by the authority of the Government(s). Most of us are now on the survival of the fittest mode every day here in the Philippines.
The poor do not only need employment but enough money for dignified living without the pressures to go overseas and thus separating family members with incalculable moral evils, etc.
Poor peoples' survival is within the trap of "holding on to a knife's double edge" without any choice at all.
Filipinos continue to be in diaspora to other better off countries for offshore survival, security and prosperity.
In the Philippines, we are all poverty-hunger-disease-calamity-stricken while the rich and the corrupt are hectoring the poor.
People are suffering shortage of cash, the lack and absence of money but Central Bank or Bangko Sentral Ng Pilipinas is talking about excess liquidity or overgrowth of money in circulation.
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