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This Wednesday the data on the delinquency of Chileans was known, which had an evident decrease in the month of August, after many beneficiaries of the law used the money from the first 10% withdrawal to pay debts, despite the apocalyptic panorama raised by some sectors of the right.
The Commission for the Financial Market (CMF) reported that the level of delinquency of Chileans had a historic drop from the month of August, thanks to the first withdrawal of 10% of the AFPs.
According to what was published by the newspaper La Tercera this Wednesday, since 2011, when this record began, never before has the level of people’s debt dropped so much.
The default, greater than 90 days, fell dramatically in August 2020, registering 15 basis points (Pb) less in relation to July of the same year, despite the serious economic crisis caused by COVID-19.
The foregoing, despite the bad omens regarding the withdrawal of funds. In fact, in early July the mayor of Providencia, Evelyn Matthei, issued a blunt opinion on what was at that time just a bill. “What they are going to provoke, if this is approved, is that Chile is going to catch fire,” he said at the time.
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The explanation is simple: Chileans used the fresh money from the pension funds to pay the debts that had plagued them for a long time and that worsened during the pandemic.
For its part, delinquent consumer debts fell 44 Pb and in housing 34 Pb.
«It is observed in a generalized way through banks and different credit products, and coincides with the specific effect generated by the withdrawal of 10 percent of the pension funds, as well as the delivery of various state aid in the payment capacity of households, “declared the Association of Banks and Financial Institutions (ABIF) to the aforementioned media.
Before Christmas
This is an argument in favor of the bill that seeks that members can have a second process of withdrawal of pension funds from insurers.
Promoted by Pamela Jiles, the idea is gaining strength and has already begun to be discussed in the Constitution Commission, beginning its legislative path in Congress.
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This Tuesday, the PPD Bank of Deputies gave its approval and announced that they will work so that Chileans have this money before Christmas.
This was stated by Raúl Soto, who pointed out in Congress that “as authors of one of the projects that allowed the first withdrawal of 10%, we have decided to be consistent and support the project that allows a second withdrawal of pension funds as a way to mitigate the effects of the COVID-19 pandemic ”.
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