MANILA, Philippines – Debt or “utang” is not just a financial tool anymore. It has become the lifeline that keeps many Filipino families afloat.
With consumer spending making up about 70 percent of the economy, every peso that is spent helps keep the economy moving. When households continue to buy, businesses thrive. However, when they cut back, the effects ripple throughout the economy.
https://business.inquirer.net/551330/why-the-psychology-of-utang-matters-for-the-economy