What is utang in the Philippines?

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The word “utang” in the Philippines refers to debt. It can be used for both personal debt and national debt. Here’s a breakdown of how it’s used:

  • Personal Debt: This is the most common usage. Filipinos are generally quite conservative about debt due to a cultural stigma around it. There’s a fear of overspending and being irresponsible with money. However, borrowing money for things like starting a business or emergencies is accepted. There are also traditional lending practices like “paluwagan” where a group pools money together and takes turns receiving the whole amount.
  • National Debt: The Philippines, like many countries, has a national debt. This is the total amount of money the government owes to lenders.
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CashLoanPH Changed status to publish 01/04/2024