How Can The Philippines Progress If A Lot Of Filipinos Don't Keep Their Word When It Comes To Payments?!
It's a problem that plagues every decent Filipino are those Failipinos who really just don't want to keep their word when it comes to payments. There's always the range of excuses that happens when it comes to being unable to pay on time. It doesn't take a Donald Trump or Bill Gates to understand BASIC economic principles.
While I am not a financial machine that can produce USD 5 Billion (then again, you know Failipinos are so anti-elite) nor am I a a graduate of Oxford or Harvard but I can understand the basics that... IF YOU DON'T PAY ON TIME THEN YOU HAVE NO WORD OF HONOR. Don't give me the excuse I am not an economics graduate that I don't have the right to speak about this (Failipinos are also an anti-intellectual bunch) that I don't have the right to speak about it. You already learned the principle of paying on time as early as elementary or high school! It doesn't take a doctorate in economics in Harvard University (or any hard to enter to university) to understand that paying your obligations on time is an important thing. Word of honor is something taught as early as childhood but sad to say, most people fail to teach word of honor to people.
Just think about the basic theories of businesses and loaning. Why do you think it was wrong for me to allow somebody to owe me that much? It's because the cash cycle came to a freeze and it really hurts me to think why I gave in to such a stupid decision. Why do you think any sensible bank won't loan money so easily? Again, it's all about cash cycle. When I look at the mistakes that I made that happened due to inexperience, it is part of experience that you learn that people who don't keep their word when it comes to payments are a serious liability to anybody. I don't need to be a perfect entrepreneur to succeed but rather to learn from previous mistakes. When I think about entrepreneurship there is the lesson that not all that glitters is gold. Sad to say but many people actually choose to enjoy their blunder than to face reality.
Do you know that the American government owes a lot of countries a lot of money? They just keep borrowing without paying for it back. I hate to admit it but sad to say, the Philippine system tends to follow the United States for the worse and the habit of being buried in debt is one of them. The problem can be rooted upon severe mismanagement of funds. The problem is that when people cannot afford something they are quick to, "Hey let's charge it to our credit cards." or "Hey let's loan the cash and get a BMW." never mind necessary expenses such as rent (if any), water and electricity are still pending and hanging on the balance. What is ignored is that when you borrow money you accumulate interest in the process to keep the cash flow going.
Sad to say but the Philippines and the Filipino tend to get rudely lumped into financial jokes between debtors and creditors with the Filipino as the bad debtor and the foreigner as the angry creditor. Like there was the joke where the Filipino won the marathon against the Chinese and the Japanese because he was running away from paying his debt from the other two who were actually his creditors - in fact, it was even done in a local Filipino gag show. So far, I'm glad that there are Pinoys who abhor the idea of attempting to run away from one's financial obligations. You might even think of it of a joke where a teacher asked the question to a certain Chinese exchange student if he knew about the capital of the Philippines where the latter answered, "Ma'am the Philippines has no capital only loads of debt."
It becomes even more problematic if Failipinos choose to use their Pinoy heritage as an excuse for doing their habit of borrowing money and not paying on time or not paying rent on time. The frustration is never limited to just Filipino-Chinese but to any Filipino who is sick and tired of the dysfunctional culture of Failipinos and David Guerrero's stupid slogan. Whether you like it or not, the culture of not keeping their word when it comes to payments has actually elected officials who do the same thing. When I think about the Marcos years and later administrations, you might think of how often the Philippines borrows money from other countries and hardly pays it back. Just have me thinking... has the Philippines really paid back its debt to other countries?