Nonetheless, household debt levels have not fallen substantially, and consumer spending as a share of GDP actually rose to a new high of 71 per cent in the third quarter. 3 Given the historic declines in net worth and the need to save for retirement, it appears clear that U.S. household savings need to remain elevated for an extended period of time.
Indeed, this development provides us a clearer direction and a greater impetus to work together in combatting climate change and ensuring sustainable development for the Filipino people. In the same light, the BSP joined the “Green Force” to support the creation of a harmonized and cohesive plan in mainstreaming green and sustainable finance in the country.