BUTUAN CITY, Oct. 30 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) here emphasized that saving money as a practice means people are financial literate.
"Learn to save money all the time not only during this time of crisis, but always," said Glizriel Rose Quijada, bank officer II of BSP Butuan as she discussed building resiliency through financial literacy during the first episode of Dagyaw 2020 virtual conference held on Thursday.
Quijada revealed that there are people who do not have savings and assets even at the time of their retirement due to "poor cultural money practices, small psychological wallet, and life cycle event."
"Only four out of 10 Filipino adults save. Such low statistics is caused by lack of knowledge on saving and budgeting and the discipline it requires to maintain it. This can be aided by financial planning, which can be done by visioning financial goals, evaluating financial condition, specifically current needs, and listing down all sources of income and expenses," Quijada bared.
Quijada added that one should take courage to start saving money from his/her monthly income no matter how small or big the amount is. "We can not save if we do not know how to budget. At times, we lack the motivation and courage to save due to lack of financial literacy. This is why, we should learn and practice the habit of saving from our earnings," she said.
The BSP's main responsibility is to formulate and implement policy in the areas of money, banking and credit with the primary objective of preserving price stability. It has also been conducting financial literacy campaign in the different cities/municipalities of the region.
The Dagyaw 2020 is hosted by the Department of the Interior and Local Government (DILG) Caraga, in partnership with the Department of Budget and Management (DBM) and Philippine Information Agency (PIA) Caraga. (JPG/PIA-Caraga)