IN the past month, I have observed two seemingly unrelated developments in the country.
First is the news that the national debt-to-income levels have almost doubled in the past three years; and second, that online gambling has increased.
It is no coincidence that these two issues are rising at the same time. The circumstances have been brewing since the pandemic lockdowns.
This is a result of many factors, some of them quite remarkable from a financial market access standpoint, which have contributed to this unfortunate convergence of events.
A recent report from Singapore-based fintech firm Roshi Pte. Ltd indicated that credit card debt in the Philippines has reached a “critical” risk level. Salary-based…