Filipinos haven’t yet realized the importance of investing for the future. And that would mean not just having an insurance but a personal savings as well. Given the rapid spike in inflation and the resulting hard times, it would be practical to become financially literate.
The Bangko Sentral ng Pilipinas (BSP) conducted a 2021 survey on the financial status of the Filipinos : only 37% have savings (4% less than the 2019 result) ;and only 17% adults have insurance (6% lower than 2019).
The pandemic itself should have convinced many that being wise with our money pays dividends.
According to the Philippines Statistics Authority (PSA), in 2021 the poverty rate in the Philippines rose to 18.1 from 16.7 in 2018, based on its measurement of Family Income and Expenditure Survey (FIES).
This is an alarming issue that needs to be addressed not only by the government but also by the individual in harnessing varied entrepreneurial opportunities.
Sen. Win Gatchalian, in light of this situation, is pushing for Senate Resolution 569 which would address the alarming financial literacy concerns of Filipinos.
Gatchalian said that Congress should spearhead the development of rightful intervention to address financial literacy concerns to broaden the knowledge of the Filipinos in investment, insurance, savings and retirement plans.
"Dapat magbalangkas ang Kongreso ang mga patakaran para sa mga repormang tutulong sa mga Piipino na magkaroon ng tamang kaalaman at desisyon sa paghawak ng pera kabilang ang pag-iimpok, insurance, pamumuhunan, at paghahanda para sa pagreretiro," Gatchalian said.