COTABATO CITY — As part of Gender and Development (GAD) program, the Bangsamoro Planning and Development Authority (BPDA) in coordination with the Bangko Sentral ng Pilipinas (BSP) Central Office, successfully completed a two-day โfinancial literacyโ webinar on October 5-6, 2021, to equip its employees on financial planning in terms of budgeting, savings, securing investments, managing debts, and to promote awareness on frauds and investment scams.
Engr. Mohajirin T. Ali, Bangsamoro Director General, underscored that knowing which to prioritize despite having personal and steady income must be considered regardless of oneโs age.
โFrauds and scams are very common nowadays even during this pandemic. I hope we could avoid these worse scenarios and focus on financial growth instead,โ Ali said.
Accordingly, financial planning is a comprehensive evaluation of an individualโs current and future financial state to predict and manage future cash flows, expenditure, and asset values.
Faith Miguel, resource speaker from the BSP said โthis could further control overspending, having security from risk, freedom from worry, sustainable lifestyle, freedom from debt, and realizing oneโs goals.โ
Also, Hajilyn Javier reminded the said employees to avoid unnecessary spending through budgeting, balancing their earnings and spending, and allocating a percentage of their income for savings.
โYou need to save to ensure that you are always prepared for different life events. You need to save for emergency fund, tuition, savings goals, business, and retirement fund,โ she said.
Javier further advised to save in banks for their savingsโ safety and security, earning annual interest, and liquidity. She also provided other saving options such as savings and credit cooperatives, self-help groups, savings and loans associations, and non-financial assets.
In terms of borrowing, Atty. Clarence Zosa explained that debt cannot be a cause of imprisonment, unless it involves fraud. He also discussed the pros and cons of borrowing through a credit card.
Furthermore, Sarah Padilla discussed the basic concept of investments, types of investment instruments available in the Philippines, and the risks and factors to consider before investing.
โInvestments increase in value over time. It earns and can build wealth,โ she stressed.
Jennifer C. Villena, a Certified Public Accountant from BSP, reminded the said employees to protect themselves from investment scams, emphasizing the checking of the company’s profile and its investment products being sold were licensed by the Securities and Exchange Commission (SEC).
โDo not believe offers that are too good to be true like double your money, no risks, and returns guaranteed,โ she stressed. Meanwhile, BSP advised the BPDA employees to report suspicious companies to SEC. (BPDA-BARMM)