On the other hand, in Japan, an increase in debt was mainly reflective of borrowing from domestic financial institutions, which basically shouldered the burden of subsequent balance-sheet repair. The fourth difference is with regard to demographics. Japan faced a rapid aging of the population and its working-age population started to decline after reaching its peak in 1995 (Chart 15).
Meanwhile, the BSP UP Centennial Professorial Chair in Business Administration has an endowment of P1.5 million from several donations made by the CBP and the BSP since 1981. We raised the endowment to P3 million through an additional donation of P1.5 million. The terms also have been enhanced to maximize the benefits to the chairholder.