Lower Interest Rates Encourage More Investments and Provide More Jobs

Manila Bulletin, March 11, 2002 | Go to article overview

Lower Interest Rates Encourage More Investments and Provide More Jobs


THE accepted rate for the benchmark 91day Treasury Bill has reached 6.714%, the lowest in 15 years. Lower interest rates mean lesser amounts that will be needed by the Government to pay off its debts through the floating of these T-bills. For the economy as a whole, the news means that the cost of borrowing money continues to go down. It also means that it saves the Government billions of pesos in interest every month.

Such low interest rates stimulate businessmen to borrow and to restart or expand their businesses, for they can produce goods at lower prices. In turn, the stimulus to the economic activities will mean motivation for expanding their businesses as a result of lower interest rates from banks which finance their activities; it will likewise mean motivation for expanding activities and increasing jobs among the unemployed and the underemployed.

It means then that the rate of unemployment pegged by the Department of Labor and Employment at 9% by its latest count will go down even further to give jobs to the unemployed.

Lower interest rates follow the law of supply and demand and provide the business environment necessary to resume normal business activities. They are the product of individual decisions based on perceptions of people engaged in business that it is now time to increase inventories, restart production or expand it, and thus restart the process of creating employment and spreading income around to increase the gross domestic product. …

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