[VIDEO]: Marcos picks Benjamin Diokno as Finance Chief
13 Trillion Pesos Debts
The incoming Finance Secretary, Ben Diokno said in that it is important to continue the country’s current economic policies. He would prudently and carefully balance economic growth with fiscal discipline. So, the 13 trillion Pesos debts are manageable, assured Diokno.
Grow the Economy
The Philippine economy grows by more than 8.3% in the first quarter. Inflation worldwide did not affect the country much. People are buying local products more. Exports remain strong. All sectors, especially the agriculture and mining industries need to start up again. The Duterte administration has already resumed mining operations. President-elect Bongbong Marcos said that he’s not sure if agriculture can take on the competition. But will look at it again and makes sure that it won’t lose.
Diokno seeks consensus among lawmakers and cabinet members to pursue the new fiscal consolidation plan. It’s needed because the deficit-to-GDP (gross domestic product) ratio is around seven percent, Diokno said. The incoming economic team of the Marcos administration will pursue the pending two measures of the comprehensive tax reform program (CTRP) of the Duterte administration.
[VIDEO]: Diokno: We can easily outgrow our debt; We have plan for fiscal consolidation
Can Easily Outgrow Debts
Incoming Finance Secretary Benjamin Diokno shares his plans for the country’s economic development. By sustaining growth, we solve the tax problem, he assures the public. We need to push private-public relationships. Expand wi-fi capacity. Continue the Build Build Build, which he calls the Golden Age of Infrastructure. This will take the country out of the poorest infrastructure list. This will give a lot of jobs to people. We can pay our debts, he added firmly.
GDP Ratio Close to 100
Diokno’s litany continues. We are in a better situation now, the new Finance Secretary said. Focus on tax administration. Improve the collection. 99% is done digitally. That already is more efficient and reduces corruption. Foreigners can invest in TELCO, transportation, construction, and many more sectors. The pandemic helped people to get used to digital payments. So, the debts now are more manageable than before.
NET Contributor to the IMF
9 months’ worth of imports is our reserves. A better tax structure can raise more tax payments. As long as the economy can grow 6 to 7%, the economy will grow. There’s a plan to go back to 3% GDP. But the problem really is to go back to the trajectory. We are almost there to reduce poverty to 14%. Can bring down debts to a single digit. Mining must come back for one. Taxes must be fair to everyone. Now, the country is no IMF project. But a net contributor to the IMF.
Collateral Funds for the Debts
The opposition misled the people into thinking that the World Bank debts would cripple the people in many generations to come. This is contrary to the black media propaganda. In fact collateral funds were already in place before any loans can happen. This is a basic commercial rule. This means that all the debts of the country are guaranteed paid.
Interests of the Gold Deposits
Aside from the collateral funds, the gold deposits are also earning continously until now. These can supplement the expenses in infrastructure projects. This is why the build build build projects are non-stop despite the pandemic. The Duterte administration adopted this. Bongbong Marcos swears to continue what has been started by President Rodrigo Duterte.
The Real Robbers
The real robbers are the ones who accuse the late President Ferdinand Marcos of stealing the country’s gold reserves. It is only the son who can fully implement the will and testament of his father. With the help of President Duterte, of course. Just like his hero’s burial. So, to make this all come true, Bongbong Marcos must be the president in 2022 with a Duterte endorsed VP if not the president himself or his daughter.
Debts to Vanish with BBM’s Political Platform
The campaign rap of Bongbong Marcos clearly expresses his intention to implement the last will and testament of his father. When financial players in the government worry about debts, the son of the late President Ferdinand E. Marcos need not to. He might inherit loads of them but he is certain that he can make Philippines progressive again.
Unity is the Name of the Game
BBM as he is referred to calls for unity. Progress can only be achieved with unity in hand. Fighting factions can never do good. He wants the country to be one with a common goal. This is for the Filipinos to have
a quality life. He’s the only one capable of doing this regardless of what his detractors say. Time for the country to be free from debts. When it’s his time. It’s time.
It’s still Marcos After All
The digital change allows the truth to come out regarding his father. Powerful countries can really go to war just to retain their monetary advantage. Keeping the peace around the globe must be a priority. Leaders who refuse to be provoked must be the good ones.
Unsecured loan offers are up for grabs nowadays online. Most of them have mobile apps that are convenient to access. It just needs a government-issued ID, a mobile phone number, some reference contacts, and income documentation. Employees and business owners with DTI registrations can get approved within 24 hours or so. The catch is in the short credit terms from 7 to 14 days with interests that can double the borrowed amount. Bad debts incurred during the coronavirus panic are not without consequences.
YouTube video by One Minute Economics Secured vs. Unsecured Loans in One Minute: Definitions, Explanations and Comparison
Secured vs. Unsecured Loan
By understanding what secured loans are, what unsecured loans are and what similarities, as well as differences, exist between secured and unsecured loans, you’re basically taking the first steps toward financial responsibility.
Unsecured Loan is Easy to Get but Interests are High
Secured loans require collaterals. You can loan a higher amount versus the value of a car or a house. This is a more responsible form of loans. On the other hand, unsecured loans usually needed during emergencies are available at shorter terms with a lot of higher interests.
Acceptable Unsecured Loan Providers
One month to two months loan terms are enough to go through tough times. The payment dues can also coincide with the usual paydays. Borrowers can likely survive a crisis with these financial aids. Not unless the problem with the finances is prolonged. In the Philippines, Tala, Asteria, and Atome are a few good examples.
Quick Loans with a 3rd Party Collector
Failure to repay a debt affects a borrower’s credit record. There may be no collateral to lose but they’re not without recourse if a one defaults on the loan. Lenders can put bad debts into collections and take legal action. This is for them to recoup some or all of the debts. Any kind of loan default negatively affects credit scores. Collections and civil judgments also show on credit reports for seven years. This is from the date the account first went delinquent or the date of the ruling. When an account becomes seriously past due, the creditor can sell the debt to a collection agency. Collection accounts have a significant negative impact on credit scores. Despite the emergency, it is best to refrain from resorting to these loans. A disaster awaits those who succumb to such offers.
The country’s investment records during the first quarter of 2019 show that short-term investments or hot money are leaving the country quicker than in 2018. This situation worsens at the beginning of 2020. Small entrepreneurs immediately feel this as well as individuals who live on a daily grind. May it be from taxi drivers to food sellers in public stalls. Social Tourism enthusiast, Rafael Dionisio shares his experience with a farmer who refuses his monetary contribution and instead, requests for a more tangible need – seeds. Money can disappear in an instant and you’ll end up in debts. While seeds can flourish during the waiting time, explains the good soil cultivator.
YouTube video by Elena Grace Flores Agricultural Tourism Needs Help Amidst Coronavirus Panic
Tourism advocate for social tourism, Rafael Dionisio explains how farmers can benefit from their products amidst the coronavirus scare.
Rafael Dionisio who is part of the Make a Difference Travel program narrates his experience with a farmer in Zambales. A farmer who has an ancestral domain for agriculture said that if he accepts the money, he might spend it on gadgets, drinking, and other things that do not last like being fed for a day. He then directs Dionisio to take a look at the vast empty land. If they have a commitment from their tourism partner to provide them with seeds, that would surely go a long way.
Contributors to the Bad Economy
The geopolitical tensions between the US and Iran, the US-China trade negotiations and the current coronavirus scare put not only the general public to panic. They drive investors out of the country that is seeking a safer haven for their hot money. The travel bans alone may be effective in sparing the people from the coronavirus spread – but they also cause them to be empty-handy for the daily expenses. The series of earthquakes and the Taal volcano eruption made them worse.
Quick Loans Can be a Burden
Once the pocket is empty and families need to be fed, one can only opt for the easily available quick loans. The offers are everywhere taking advantage of people’s tough situations. Some companies are conservatively considerate in their payment terms despite the high interests that are quite helpful. Tala, Atome, and Asteria loans are the reliable ones on that aspect. Many are just loan sharks especially the hot money providers or lenders from overseas.
Staying Afloat when Money is Scarce
Getting more loans to pay off debts can be disastrous. It is best to sit down, relax, and think clearly when negotiating with lenders. Use the idle period in preparing for the next season or develop new skills that can contribute to better opportunities as business peaks up again. Know that the SEC orders financing companies, lending agents and their third-party service providers to no longer harass borrowers and employ unfair means to collect the debt. Those found to be violating the circular face penalties ranging from P25,000 for lending companies and P50,000 for financing companies for the first offense to P50,000 to up to P1 million for both for the third offense and possible suspension or revocation of their license.
Bongbong Marcos remembers how the opposition demonizes his father during his previous visit at the Malacañan Palace. The late President Ferdinand E. Marcos was accused of being the man that he never was, according to his son. They are doing the same thing with President Rodrigo Du30. Most commercial media speculates about the ballooning of the country’s debts, selling bonds to China and borrowing allegedly large sums of money from them. The President’s proposed budget for next year is 3.77 trillion pesos including the “Build Build Build” infrastructure projects. He admits that there are lots of offers for foreign loans but so far, the Asian Development Bank spearheads the investment side of the development. In actuality, the World Bank reserves would be more than enough to fund all the developments in the country.
President Du30 witnesses the signing of an estimated $9.5 billion worth of investment agreements with Chinese businessmen. This could generate some 10,800 jobs for Filipinos. He appreciates the investment pledges as a sign of the “vigorous momentum” of Philippines-China ties. Then stresses the importance of further developing economic cooperation with China. The Philippines focuses on agriculture, fisheries, infrastructure and public works, energy, trade, as well as e-commerce, industrial park development, MSMEs (medium, small and micro enterprises), processing, manufacturing and tourism. The Chinese investments in these areas are mere business deals and not loans.
Chinese Confidence in Trade
Trade Undersecretary Rowel Barba confirms the increasing Chinese confidence in the Philippine economy and their belief that the country could sustain its 6.7-percent economic growth for the next five years. In fact, the number of Chinese businessmen formalizing their interest to invest in the Philippines increases. A delegation visits the country to explore other businesses. This is taken by the detractors as China’s invasion of the country.
Reclamation and Not the MRT for the Chinese Investors
The biggest investment plan in the Philippines comes from the Shangai GeoHarbour Group. It earmarks the $3.46 billion for land reclamation, sludge remediation, and land development. They only won the bidding for the Manila-Clark MRT’s construction supply like cement because Japan cannot beat their competitive prices.
Demonizing Du30 to Stop Marcos
It is clear that the infrastructure of the opposition that destroyed the reputation of former President Marcos is out to malign the current President who favors his son. This time, the likely heir to the presidential throne is more than ready to counteract those fake news against him and his allies. There are also battles detected in the major branches of government. Sol. Gen. Jose Calida pushes the Supreme Court to honor their 40% own ruling for the vote shades. Interpolations are also ongoing between pro and anti-Marcos solons for his victory as VP in the 2016 elections. Congressman Lito Atienza fights for Marcos’ side in the Congress.