Inflation is a worldwide phenomena but the difference is HOW the Government handles it. The best way is to avoid unnecessary spending. Spending LESS and Saving MORE.
The country is running fiscal deficit that it do now have a big problem ( The national government's budget deficit had reached ridiculously enormous amount of debt ) However policies to counteract this deficit like PRINTING MONEY only make things worse. if government relies on Central Bank in printing money to basically Finance spending and the more money you print, the worse inflation gets. Putting more money into circulation can mean Peso's worth less. So the government borrowed a lot of money from World Bank or IMF( Int'l Monetary Fund) but the thing is it has to be repaid in foreign currency, which means if the Peso value continue to go down, the tax payer will have to pay more than what the government originally borrowed
Look at countries like the US, UK, and Canada still using paper banknotes instead of plastic ones. They are countries more affluent than the Philippines. So, certainly it is not the question of finance matter. Is there a specific reason for this choice? I suspect it's more tradition than anything else. People making the switch in some countries BUT In many countries, paper notes have cultural or historical significance. Changing the currency can be seen as erasing tradition or heritage. The UK and Canada are using coins for lower denominations. As well, a lot of people are using ELECTRONIC BANKING.
Inflation is a worldwide phenomena but the difference is HOW the Government handles it. The best way is to avoid unnecessary spending. Spending LESS and Saving MORE.
The country is running fiscal deficit that it do now have a big problem ( The national government's budget deficit had reached ridiculously enormous amount of debt ) However policies to counteract this deficit like PRINTING MONEY only make things worse. if government relies on Central Bank in printing money to basically Finance spending and the more money you print, the worse inflation gets. Putting more money into circulation can mean Peso's worth less. So the government borrowed a lot of money from World Bank or IMF( Int'l Monetary Fund) but the thing is it has to be repaid in foreign currency, which means if the Peso value continue to go down, the tax payer will have to pay more than what the government originally borrowed
Look at countries like the US, UK, and Canada still using paper banknotes instead of plastic ones. They are countries more affluent than the Philippines. So, certainly it is not the question of finance matter. Is there a specific reason for this choice?
I suspect it's more tradition than anything else. People making the switch in some countries BUT In many countries, paper notes have cultural or historical significance. Changing the currency can be seen as erasing tradition or heritage.
The UK and Canada are using coins for lower denominations. As well, a lot of people are using ELECTRONIC BANKING.
The Philippines' sovereign debt stood at P16.02 trillion as of end-October 2024, which was P126.95 billion or 0.8 percent higher than in September.