00:00 The reason why Filipinos are in debt is because of the high price of goods and animals, according to an economist.
00:08 In the hardship of life, some are also having a hard time getting out of it.
00:12 The experts advise to get rid of the debt in the report of EJ Gomez.
00:17 In the hardship of life, Vivian often goes to London.
00:25 She uses the money she borrowed for her son's matriculation or to buy groceries.
00:33 We use our budget to buy food, we also save money to buy water, electricity, and a house.
00:40 Because of the high needs of the family, Irene borrows from the bank.
00:47 But the current situation is different. The debt has increased to P387,000.
00:56 I am worried. I will not pay anything. I am worried.
01:01 The people in the branch are saying that this is my case.
01:05 They also need to borrow money to pay the expenses.
01:11 The increase in income should be fast so that it can be chased.
01:18 According to an economist, the agriculture and manufacturing sector will be better.
01:24 The productivity will be better, the output will be more, the production cost will be lower, and the price of goods will be lower.
01:30 If this can be achieved, it is possible to help reduce the debt of the poor Filipinos.
01:37 The policies are there, the laws are there. Often the challenge is making sure that this all cascades down.
01:42 You can only create the enabling environment from the government side.
01:45 The actual catalyst for all of this will have to come from the private actors.
01:50 But if the debt cannot be avoided,
01:53 the income should be increased or a higher income should be achieved, whether locally or abroad.
02:01 And to get rid of the debt, an expert financial advisor
02:06 should list your debts, especially if you have a lot of debts,
02:10 and then prioritize the smallest payment.
02:14 You should pay all of it and the other debts should be paid in minimum
02:18 until such time that you have paid your smallest debt.
02:23 So you will move to the next smallest payment.
02:26 EJ Gomez reporting for GMA Integrated News.
02:32 Kapuso, know the state of the nation.
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02:45 ♪
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