Skip to main content

Payday Euphoria Before the Long Weekend Leading to Debt Burden After the Long Weekend

 

I noticed April 1, 2023, had that long busy lane because it was payday. Isn't it really typical in the Philippines when people start to spend money the moment they receive it? Above is a cartoon by Simple Sum Philippines. The conversation is pretty much like this. The guy on the left would be saying, "Wow, that looks delicious. What's there?" The guy on the right says, "It's payday today." You can imagine the attitude of people with payday. I could think about the typical conversation like, "I can't wait for payday." When payday arrives, they decide to go eat out even when they can't afford it (read here). Aside from that, there are also many ways that they end up doing so. It's like got the cash? Let's go to the mall and buy this and that, buy something they don't need instead of prioritizing the bills. 

What do you expect from people who adhere to the mentality of if it's bitter, then just add sugar (read here). I keep hearing the same line and it's very irritating to no end. It might be funny for some as a way to lighten up the mood. I'm told to loosen up and have fun. However, there's a big difference between lightening up and not doing anything about the situation. In the case of, "If it's bitter then just add sugar."--it might be tantamount to sugarcoating the problem. To sugarcoat means to make something inconvenient more acceptable. It might also mean trying to overlook a problem by seeking pleasure. It's like they have an important project to do but they choose "once-in-a-lifetime events". It reminded me of when two female classmates of mine were more concerned about a local male celebrity being in Cebu (as if he knew them) than they were about finishing our project. They even said something as foolish as, "It's just a once-in-a-lifetime event The school is always there." Well, much has changed with my college alma mater. Besides, we had a five-year limit to adhere to when taking a four-year course. 

After payday, there's the realization that it's Holy Week. Since the Philippines is predominantly Catholic, there's the long weekend from Thursday to Sunday Some are already thinking about taking their vacations. Some might even think about taking a trip somewhere not just on Christmas but also on Holy Week. I wonder how much nonsense they spent last April 1, 2023? I could imagine with the whole payday blowout, I wonder if they even have money for the long weekend getaway? Some might even be booking last-minute flights since we know wasting time is indeed more fun in the Philippines. If they booked the flight to Boracay a month ago, they would've saved more. Can I expect them to have money to pay for the flight to Boracay a month ago? 

I ate mutton biryani at Bharat Spice at IT Park last April 2, 2023, I could think about debts again. There's the nasty stereotype of there's a Bombay (a word commonly used to call Indians by Filipinos), it must be a five-six lender. I could imagine if somebody tried to borrow a loan from Indian restaurant owners after payday. So far, all the Indian restaurants I've eaten at are registered entities. Meanwhile, five-six loans aren't accredited financial institutions. I even heard from some Filipino Indians that five-six lenders would meet their would-be debtors at very shady places. The evidence is that there's no paperwork and documentation of the loans. Yet, people desperate for money will want to have money even if it means risking their necks for exorbitant fees. I was eating my biryani, almost choking on the spices, imagining the would-be reckoning with five-six lenders after the long weekend. Seeing Indian tourists around even makes me think, "Well, the next batch of Indians might be those collecting debts at excessively high interests?"

The long weekend finally arrives this Thursday. I could imagine somebody may have found an illicit loan a day after payday euphoria. If they didn't book ahead for the beach presumably due to poor management, I could imagine the digits of the loan they took. I haven't tried taking a last-minute flight to Boracay but I bet it'd be expensive.  I could imagine they would go there, dance around, and have fun during the long weekend. Meanwhile, I could imagine Indian five-six lenders must be rubbing their hands now waiting for the period of reckoning. Maybe, they might be having a chicken curry dinner to celebrate the gullibility of people who fell into their trap. 

After the long weekend, I wonder what foolishness will come out next. I could imagine Indian five-six lenders must be preparing their traps. After the beach party on Holy Week, I could imagine that they might post their beach long weekend on Facebook and Instagram. However, was the long weekend fun worth it if they still have debt burdens to pay? I can just expect after Easter Sunday, five-six lenders will start to roam around wanting to collect the money they loaned to the fools. I might just as well laugh hard and say, "It's a time of reckoning!" 

Popular posts from this blog

Filipino First Policy Linked with Crab Mentality

Having sea crab yesterday or just eating crab, I always think of that old commercial in the 1990s. It was called, "Iwasan ang crab mentality." or "Avoid crab mentality." This makes me recall a scene when I was a child. I saw a pail full of mud crabs (called alimango in Filipino) and if one crab got out, the others pulled it down. The TV commercial showed how if the crabs got together, they could all escape their grizzly fate of becoming eaten for human consumption. Chefs are just lucky crabs pull each other down. However, it also shows that the crabs would rather all be cooked together than let that crab escape.  Unfortunately, crab mentality is one of the biggest problems in the Philippines. It's not all that unique among Filipinos. However, it doesn't Filipinos should ever take comfort in engaging in a crab mentality, just because other people do it . Here's an interesting excerpt from Inquirer   by Jerry Peres de Tagle PhD: Studies in human behavior ...

It's a Common, Broken New Year's Resolution Among Filipinos to Do Better with Their Finances and Economic Knowledge

Happy New Year, right? There's this statement in Cebuano that says, "Sa Disyembre nag lipay-lipay. Sa Enero, naglikay-likay." For non-Cebuano speakers, it means, "Enjoying all December. Fleeing in January." It's because of the bad habits that are common during the Christmas season. I wrote an entry talking about when a Merry Christmas leads to an Unhappy New Year . After Christmas vacation, it can be common to talk about New Year's Resolutions. Sadly, there are resolutions meant to be broken or resolutions on paper only. Several people finish high school, go to college, get a job, but never gain the necessary knowledge of economics and finances. Instead, they continue to live the same habits year after year. Even worse, the same foolish behavioral patterns get passed down f rom parent to child to grandchild. Still stuck with financial habits that put one in a financial dodo The New Year starts and it can get funny. I tend to hate December because of the ...

Rejoicing Over Filipino Businesses Getting 100% Ownership Abroad While Crying Over FDIs Getting Allowed to Own 100% Ownership

The Philippine senatorial elections are on, right? One of the many things candidates (regardless of party) need to hold is the need for economic reform. As  I continue discussing economic charter change, several objections are held. One of the objections is allowing 100% FDI--a subject often subjected to mockery. These mockeries can range from promoting colonial mentality, selling the Filipino to foreigners, borrowing money from abroad (which is definitely not investment, read here ), or even the ridiculous notion that FDI includes Filipino women dating foreigners (read here ). This time, I would like to address another hypocrisy. This time, it's all about Filipinos who rejoice that Filipino businesses are investing with 100% FDI ownership. All the while, this is crying foul when there's a law passed that will allow foreigners to own 100% FDI ownership , in the Philippines. This is a meme to expose the hypocrisy. Jollibee has 158 branches in Vietnam, which I assume happened bec...

The Recent Microsoft Global Outage Should be a Wake-Up Call to the Philippines' Need to Fix the 1987 Constitution's Economic Flaws

The Express Tribune The recent Microsoft Global Outage was caused by Crowdstrike. Since I'm no IT or CS expert--it's better if I let them talk in the news. From BBC News , here's a detail from Crowdstrike that reveals the root cause of the problem has been systemic with an update: This is still a little unclear. CrowdStrike is known for producing antivirus software, intended to prevent hackers from causing this very type of disruption. According to CrowdStrike boss George Kurtz, the issues are only impacting Windows PCs and no other operating systems, and were caused by a defect in a recent update . "The issue has been identified, isolated and a fix has been deployed," he said. "This is not a security incident or cyber-attack." What exactly was wrong with the update is yet to be revealed, but as a potential fix involves deleting a single file, it is possible that just one rogue file could be at the root of all the mayhem. Thankfully, those who created th...

Is Vietnam Getting More FDI Inflows than the Philippines, Because of Its Supposedly Better Fight Against Corruption?

Discussing international marketing or world economics with boomer Filipinos can be painful. Some people still believe in the Filipino First Policy. I cite Vietnam as an example of why economic charter change (called econ cha cha) should be done. Some people cite that Vietnam's increase in FDI is because of the fight against corruption. I don't deny Vietnam has a crackdown on corruption. I don't deny that fighting against corruption helps the economy. However, fighting corruption without the proper tools and not having economic development, is useless. Fighting corruption isn't a panacea or cure-all either.  Spanking is part of child discipline, not the whole of child discipline. People who only spank but never teach right and wrong, render spanking ineffective . Instead, look at Vietnam's economic policy vs. the Philippines' economic policy. Some people blame the following for the Philippines' lack of foreign investments, some things Vietnam also suffers fr...

Trying to Plan Out What to Do as a Bull Market Starts

I was laughing just thinking about ignorance about the bear and bull markets. Yes, we know about social media gossipers (seldom called a marites in Filipino) tend to spread gossip. I ran into several people panicking when the Philippine Stock Exchange Index (PSEi) was mostly red. Others would panic but Warren Edward Buffett recommends, "Be fearful when others are greedy. Be greedy when others are fearful." That's the best market timing. Some people do cost averaging because it's practically less risky in contrast to lump sum investing. Buffett recommends that non-technical people should periodically invest in a low-cost index fund over a period of ten years.  Now, the Philippine Star has an article by Wilson Sy, where the first paragraph talks about the Philippines' entry towards the bull market : Most stock markets have undergone a dramatic shift to start the year, transitioning from a bear market to a bull market. Peak inflation, a slower pace of interest rate h...

When the Education Cares TOO MUCH About Grades, Schools Produce Idiots Instead of Intellectuals

During the pandemic, I was left in limbo thinking about my poor performance under K+10. It was something to think about that a classmate of mine who was both a summa cum laude and an honor student, ended up posting on his wall, "Students cheat because the education system cares more about grades instead of learning." The class salutatorian of our batch even commented about the good old days. I always had that feeling of insecurity and envy towards people better than me. But as Warren Edward Buffet would say, "Don't hate successful people. Learn from them instead." One of them is currently a teacher and the other is in Canada. I thought about my insecurities especially when I used to believe I was descended from a fine scholar and my family was a family of scholars.  I remembered the time I was taking MBA and got conned. I was asked, "Is that what MBA taught you?" I got touchy and ended up admitting, eventually, that I was only taking MBA for the presti...

My Personal Opinion on the Recent Universal Robina Incident

I was doing some news readings and I found out about the death of a certain Stephen Corilla. The incident happened in the Universal Robina Corporation's factory in Mandaue a few days ago. It really chilled my bones to read these details which I'll share from Sunstar : POLICE are set to investigate a food and beverage plant in Barangay Tabok, Mandaue City after one of its workers was killed on duty while cleaning a pulverizer machine Thursday afternoon, June 2, 2022. Cpl. Glenn Bordalba of the Mandaue City Police Office Station 3 in Barangay Basak who is leading the investigation told SunStar Cebu Monday, June 6, that they will visit the Universal Robina Corp. (URC) Mandaue City plant in Tabok on Tuesday, June 7, to investigate the matter. Bordalba added that they have not started the investigation yet as they were not allowed entry to the site by the URC management after the incident was reported to them. An approval from the corporation’s consultant is needed for the police to...

My Experience with Tealive Cebu at the Ayala Central Bloc

I have tasted several foreign-owned tea shops. My first experience with tea shops was with Chatime (read here ). Now, I heard of this new coffee shop (or tea shop, take your pick) called Tealive. At first, I thought it was Taiwanese but when I Googled it--it was Malaysian. It made sense that the company uses only Halal-approved ingredients  since Malaysia has a huge Muslim population. The founder is Malaysian-Chinese businessman Bryan Loo of Loob Holdings. Loob here also means inside as the Tagalog language also derives from the Malay language. Tealive would later head to the Philippines. It would be like getting Filipinos closer to their Malaysian heritage after all.  The branches in Cebu include SM City, SM Seaside, and Ayala Central Bloc. The one I ate was at Ayala Central Bloc. Someone gave me a taste of their sandwich and their signature coffee. I was pretty much impressed that I decided to dine in there. I went to try their lychee tea and chees burger. For a note, their ...

Getting Stingy at the Cost of Fire Safety?

March is fire prevention month, right? If there are people who are too extravagant then I'd like to talk again about stingy people (read the article here ). I've tried growing up with the stingy vs. extravagant extremes. Some people become stingy even with the necessities. It's one thing to deny a child a children's party since it's a want . It's another thing to deny a child stuff they need all in the name of saving money . Even worse, some people may be more than stingy enough to ignore fire safety. A stingy person just wants to save. It's almost like the story of the Miser and His Gold or The Rich Miser . I really find these stories entertaining at the same time, irritating. The first story has the miser who hid his gold under the ground. Some people today are too distrustful of banks and investments. The second story has a rich man who even dresses in rags, denies his son's shoes, had his wife cook some cake only for him, and was so greedy he had it ...