The Philippine office of TransUnion Information Solutions Inc., a United States-based business information company, recently reported that, based on its survey of 1,000 respondents, Filipinos are
At the grassroots level, there is no shame in going into debt in the manner earlier mentioned because most of them, after all, are in the same financial rut. They consider the informal credit system as an inescapable part of their lives.
When MSE operators seek financial assistance from sources other than their friends or family to keep their business going, it is doubtful if what other people may say or think about that action would make them uneasy or worry about their reputation in the community. They would feel out of place or uncomfortable in that setting and may have second thoughts about pursuing their credit application.Assuming the application gets preliminary approval, the applicant would have to prove that the loan is for a legitimate purpose and that he or she has the capacity to pay for it.
Given these strict rules, credit hungry Filipinos cannot be faulted for seeking financial relief from unregistered or informal lending outlets that require, at best, a copy of the applicant’s electric, water or telephone bill to confirm his or her place of residence.
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