By MAYVELIN U. CARABALLO, TMT, Manila Times, 13 Jul 2020
The Bangko Sentral ng Pilipinas (BSP) is coordinating with other institutions to improve financial literacy and financial capability in the country amid the coronavirus disease 2019 (Covid-19) pandemic crisis, its chief said over the weekend.
In a speech during the Financial Literacy Summit Online, BSP Governor Benjamin Diokno stressed that a survey showed that only 23 percent of adults have bank accounts while only 4 percent of the adult population use electronic payments.
Nearly half of adults (48 percent) have savings, but 68 percent of them keep savings at home.
“These numbers show the apparent financial insecurity of Filipinos,” he said.
Diokno added that more than a third of Filipino adults are unable to meet regular spending needs, and resort to loans to deal with emergencies.
The central bank chief also underscored that only 18 percent have insurance, and only 3 percent invest in financial instruments.
“Painfully, the Covid-19 pandemic has surfaced their importance. Financial unpreparedness limits the ability of families to cope and recover from the socio-economic impact of Covid-19,” he said.
Besides this, Diokno added that there are also families and individuals, despite earning regular incomes, still struggling to understand financial concepts or make effective budget plans.
This is supported by survey data, he added, saying that of the seven financial literacy-related questions, Filipino adults were only able to correctly answer three.
The BSP head added that Filipinos have little understanding of compounding interest; the effect of inflation on the buying power of households; and investment risks, returns and diversification.
Survey results also show that Filipinos have a forward-looking attitude but scored low in daily money management and long-term financial planning.
“This limitation is highlighted in unexpected situations such as the pandemic, where, more than ever, preparedness for the proverbial rainy day is brought to fore,” Diokno emphasized.
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
