It’s no secret that many Filipinos, especially those living in far-flung areas in the provinces, are living below the poverty line. This is often worsened by the need to take on toxic personal debts, usually from loan sharks, which perpetuates a crazy cycle of poverty and ever-increasing debts.
One of the biggest reasons for this is financial illiteracy and inability to access basic financial products and services. Lack of knowledge prevents many Filipinos from managing their finances well while lack of access to the financial system forces them to settle for usurious debts from loan sharks.
