The fall in interest rates reflected not only the taming of inflation but also the reduction in “sovereign risk”. It is also well known that Italian households used to have high saving rates, while it is less well known that their levels of debt, and in general those of the whole of the private sector, have always been relatively low by international standards.
It is about the welfare of the Filipino, seen through the lens of public health, through access to goods, through socio-economic equity, and through a greener future environment. All of these are in this latest FSR.