00:00 Due to the high price of goods, some of our countrymen cannot avoid borrowing.
00:06 How can we get rid of this situation?
00:09 This is what experts say in the first news of EJ Gomez.
00:12 [Music]
00:14 [Background noise]
00:16 In the hard times, Vivian often goes to London.
00:21 [Background noise]
00:38 Due to the huge family's need, Irene borrowed from the bank. But the current situation is that the loan has a change of stress and it has increased to P387,000.
00:53 I'm afraid that I will not be able to pay. I'm worried about the people who are saying that this is my case.
01:02 They also need to borrow so that they can pay the expenses.
01:09 The increase in income should be fast so that it can be chased.
01:15 According to an economist, it's good if the agriculture and manufacturing sector improves.
01:22 If productivity decreases, the output will increase, the production cost will decrease, and the price of goods will decrease.
01:27 If this can be achieved, it's possible that it can help reduce the debt of the poor Filipinos.
01:34 The policies are there, the laws are there. Often the challenge is making sure that this all cascades down.
01:39 You can only create the enabling environment from the government side. The actual catalyst for all of this will have to come from the private actors.
01:47 But if the debt cannot be avoided...
01:50 The income should be increased or higher income should be created, whether locally or abroad.
01:58 And to avoid the debt, an expert advised...
02:03 List your debts, especially if you have a lot of debts, and prioritize the smallest debt.
02:11 You should pay all of it and the other debts should be minimum payment until such time that you have paid your smallest debt.
02:20 So you will move to the next smallest debt.
02:23 This is the first news. EJ Gomez for GMA Integrated News.
02:28 [music]
02:31 [speaking Filipino]
02:43 [music]
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