BAGUIO CITY, Nov. 18 (PIA) -- Have a budget plan and stick to it, and start saving and go into investments to achieve financial goals, ensure financial security during emergencies and a comfortable retirement in the future.
This was the key message of Bangko Sentral ng Pilipinas (BSP) Region 1 Sr. Executive Assistant Marian Suaso on her discourse on “Preparing for the Future Through Savings and Investments” during the National Economic and Development Authority -led Economic and Financial Literacy Forum at the DOH–CAR Regional Training Center here on Tuesday.
Suaso advised people to start saving while they are still younger. They should look into their expenses; identify the actual need and the unnecessary expenses can be converted into savings.
Save money in the bank and look into savings products (savings deposit, time deposit or demand deposit) that will suit your finances, she counseled. People should know the bank well not only by looking at the interest rate but also the other fees and charges that may be involved.
Saving bigger amount on a bank or saving product that gives a better interest rate for a longer period of time is better, she added.
On the investment side, Suaso cautioned that the higher the offered rate of return of a certain financial product, the higher risk which is why it is better to diversify or go into different investments so that there will be lower risk.
The forum with the theme, “O Kita Mo Na, ‘Pag May Alam sa Ekonomiya at Pinansya, Malaki ang Ganansya” is part of the country’s observance of Economic and Financial Literacy Week.
Other resource persons in the forum were UP Baguio Department of Economics and Political Science Professor Rainier Ric dela Cruz who talked about basic macro - economic concepts and Aldrin Federico Bahit of the Philippine Statistics Authority who lectured on Gross Domestic Products Trends, Theory and Measurement Methodology.
NEDA-CAR Asst. Regional Director Jedidia Aquino stressed that better understanding on economic and financial matters will not only provide better socio-economic opportunity for an individual or sector but is also important in participatory governance, especially in drafting economic programs and policies that can bring progress to the country and inclusive growth in every community. (JDP/CCD-PIA CAR)