Thus said the Bangko Sentral ng Pilipinas chief, as he called on the financial sector stakeholders over the weekend to capitalize on the opportunities presented by the ongoing public health crisis to broaden the reach of banking services across society.“Financial distress is a reality for Filipino families living from paycheck to paycheck, those relying on low-income livelihoods and those dependent on remittances from relatives abroad,” BSP Governor Benjamin Diokno said.
In particular, he noted that financial “unpreparedness” limits the ability of families to cope and recover from the socioeconomic impact of the new coronavirus disease, or COVID-19, and added that, even without a crisis, the failure to save for specific goals such as an emergency fund or the unnecessary expenses that lead to over-indebtedness could compromise the health, harmony and happiness of families.
daxINQ How will you address the problem? Or is this another setup for the next round of foreign loans?
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