Reflecting this fact, the decline in global final demand hit Japan’s real economy, in particular the manufacturing sector, harder than other countries. This fact may also be a reason for the recent sluggishness of Japan’s exports. During the recent recovery phase, global business fixed investment has been notably slower to recover than in past recoveries, and this has substantially affected Japan’s exports.
The financing of this growth and expansion likewise show strength. As of June this year, the total loan portfolio of banks reached Php5.21 trillion, continuing its double-digit growth trajectory over the past five years. Banking data confirm inclusiveness All of these data confirm that we have been experiencing not just growth but rather increasingly participative growth.