Negrenses must know how to save money
by Rachelle M. Nessia

For Dumaguete City and Negros Oriental province to reach their full potential economically, it is important that their residents must know how to save money.

This was the message stressed by Central Bank Governor Amando Tetangco Jr. during his keynote speech at the inauguration of Central Bank Dumaguete Branch's new office building along Daro Highway, Dumaguete City on June 8, 2011.

Tetangco said that Negros Oriental and its capital city Dumaguete have much to offer in terms of economic growth, citing its abundance of "youthful energy" that has attracted business process outsourcing companies (BPOs) to operate here, low crime rates and high tourist traffic.

But in order to harness this potential, local residents must know how to handle their finances wisely. "They must know how to grow and invest their money. It is important that they know what information is necessary for them to make good decisions concerning their finances," Tetangco said during the gathering attended by local personalities from the banking community, business sector, government and non-government organizations.

This, he said, is where the Bangko Sentral ng Pilipinas (BSP) can help Negrenses. "We can help people address these issues and have access to crucial information that BSP can offer."

The BSP chief explained that the Central Bank has crafted a comprehensive Economic and Financial Education and Learning (EFEL) Program to help people handle their finances properly, responsible and effectively. "Our program can help them identify scams and potential pitfalls. It is surprising how seemingly easy it is for investors to lose their money to scammers," noted Tetangco.

Under said program, the BSP here also opened the doors of its Economic and Financial Learning Center during the inauguration of its new office building. The government monetary authority has been expanding its education program by setting up said centers across the country offering free access to the general public.

BSP is also targeting specific sectors of the society in carrying out its campaign to make Filipinos better money managers. One example is a joint project with the Department of Education to teach public elementary pupils from Grades 1 to 6 lessons on saving and money management.

BSP will likewise conduct similar lessons for overseas Filipino workers (OFWs) and their dependents. In fact, a specific campaign has been carved into the learning program for OFWs and their families aimed at educating them on the importance of using remittances to build up savings and directing these into investments in fianncial products and ventures. 

Through this, BSP hopes to help the “modern Filipino heroes” and their families in achievingfinancial independence and security while enabling them to participate more meaningfully in the country's economic development. 

"It is never too early nor too late to work on improving our lives in terms of money management practices," Tetangco added during his speech. (RMN/PIA Negros Oriental)