‘Philippines not in danger of falling into China debt trap’ (The Philippine Star) - May 2, 2019 - 12:00am NADI – As long as global best practices in lending are followed and debts are sustainable, the Philippines is in no danger of falling into a debt trap over its increasing Chinese loans, according to a top official of the Asian Development Bank (ADB). ADB chief economist Yasuyuki Sawada also told a press briefing in this Fijian city yesterday that the upcoming midterm elections would not create political instability that might pose risks to Philippine development efforts. The ADB is projecting gross domestic product (GDP) growth of 6.4 percent for the Philippines this year and next – an improvement from 2018, when GDP growth slowed down to 6.2 percent from 6.7 in 2017. Inflation, which spiked to 5.2 percent last year amid a weaker currency, soaring rice prices, the fuel excise tax and … [Read more...] about ‘Philippines not in danger of falling into China debt trap’
Debt
HOUSEHOLD DEBT UNSETTLES BOT
The report found a total of 68.7 million loan accounts under 20.9 million borrowers at the end of last year from 95 financial institutions, with some borrowers having more than one account. The report also showed Thailand ranked third among the top three countries with the highest household debt in Asia-Pacific, led by South Korea and Australia. Meanwhile, existing borrowers have been increasing the amounts of new loans, from an average of 30 per cent of their yearly income to 45 per cent , while new borrowers are getting younger. With the level of non-performing loans also rising, the BOT is concerned about a sudden surge in household debt. The BOT will introduce monetary policy to control the situation in the market, both on the demand and supply sides, said Sra Chuenchoksan, BOT’s assistant director/ monetary policy department, yesterday, … [Read more...] about HOUSEHOLD DEBT UNSETTLES BOT
Low-income households struggle under rapidly mounting debt
Thai workers’ household debt averaged Bt91,064 per household in 2010 and jumped 6 per cent per year to Bt158,856 per household in 2019, according to a University of Thai Chamber of Commerce survey. Around 95 per cent of workers surveyed had household debts of Bt158,856 per month. Of the total, about 58 per cent were borrowed from the formal sector and the balance from the informal sector, the survey said. Most of the borrowings were meant for daily expenses, vehicles and medical expenses. The university’s Centre for Economic and Business Forecasting conducted the survey on workers who earned less than Bt15,000 per month. Thanavath Phonvichai, director of the centre, said that everything in the economy will be reflected in the labour market. If the labour market sees a gloomy economy, it means measures or the economic situation are not sufficiently efficient. A higher debt burden has led to higher defaults, at 80.3 per cent in the past one year, up from 69.9 per cent … [Read more...] about Low-income households struggle under rapidly mounting debt
Slow tax revenue growth could increase govt debt, expert says
Slow tax revenue growth of 1.8 percent in the first quarter of this year, a major decline from the 9.9 percent growth posted in the same period in 2018, could result in an increase in government debt, an expert has said. Government debt reached Rp 4.57 quadrillion (US$321.97 billion) as of March, a growth of 10.4 percent from the same period in 2018. Securities firm Samuel Sekuritas Indonesia analyst Ahmad Mikail expressed concern about government debt increasing if the government fails to boost state revenue in the coming months. “It is true that the government’s debt ratio is relatively low, namely about 30 percent to the gross domestic product (GDP). However, this does not include the debts of state-owned enterprises,” said Mikail on Sunday as reported by kontan.co.id. The Finance Ministry revealed in a report that, as of March, government spending reached Rp 452.1 trillion or 18.37 percent of the entire year's … [Read more...] about Slow tax revenue growth could increase govt debt, expert says
CWHL sells off trophies and other treasures to help pay debts
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By Mark Zwolinski Sports Reporter Sun., April 28, 2019 The Canadian Women’s Hockey League has put some of its history up for sale before it officially goes out of business on Wednesday. In a move designed to raise funds to cover debts, the league opened an auction website on Friday to sell off valuable items including sticks, sweaters — even the players’ MVP trophy named after interim commissioner Jayna Hefford. The league reduced its initial auction goal from $50,000 to $35,000, and added nine of its year-end trophies for online bidding two days after launching 32auctions.com. The Jayna Hefford Trophy was listed with a starting price of $15,000, giving bidders the chance to own a central piece of the CWHL’s history. The league, which gave professional playing opportunities to female players from around the world, announced in late March that it would cease operations because of financial issues. Article Continued Below While … [Read more...] about CWHL sells off trophies and other treasures to help pay debts