HARD TIMES DAWNING ON NAGA
Bicol Standard. The nose-diving economy of the Philippines is now being felt in the once flourishing city of Naga. This early, hard times have become apparent in the Heart of Bicol, with many buildings and properties being advertised for sale, lease or rented. This could easily be noticed along the commercial and residential stretch of Penafrancia Avenue, a major thoroughfare. A manager of a local bank has also confirmed that loan borrowers can hardly meet their credit obligations resulting in mortgaged properties becoming due for foreclosure.
The same source also indicated that several businessmen in the city asked for a restructuring of their bank loans because of their difficulty in raising the amount needed to pay them.
It was further disclosed that there are fewer bank clients who make regular deposits, clearly showing that money has become scarce in the "Maogmang Lugar" of former Naga City Mayor Jesse M. Robredo.
