Households have taken advantage of new lows in mortgage interest rates to refinance debt on more favorable terms, to lengthen debt maturity, and, in many cases, to extract equity from their homes to pay down other higher-cost debt. Debt service burdens, accordingly, have declined.
MEANINGFUL STRUCTURAL REFORMS The Philippines has come a long way from being the “Sick man” of Asia. In fact, the Philippines is now recognized globally as among the fastest growing and most resilient economies in the world that enjoys brighter prospects ahead. The transformation, however, did not happen overnight.