BSP Encourages Savings and Wise Investment Among Pangasinenses in 2024

MALASIQUI – The Bangko Sentral ng Pilipinas (BSP) is advocating for increased financial literacy among residents of Pangasinan, with a focus on the importance of savings and prudent investment in 2024. This initiative aims to enhance the economic stability and personal finance management of individuals in the region.

According to Philippines News Agency, during a virtual forum organized by the Philippine Information Agency – Pangasinan, vital insights were shared on effective saving strategies and the avoidance of investment scams. Gomez emphasized the necessity of distinguishing between needs and wants, adhering to the savings formula ‘income minus savings equals expenses,’ and assigning a fixed percentage of income for savings. These steps, he suggested, are critical in building a robust financial foundation.

Gomez pointed out that saving money is essential not only for emergency situations but also for fulfilling other financial goals. He cautioned against impulse buying, particularly for those without savings, and highlighted the need for a personalized financial plan, considering the varied income and expense patterns of individuals.

Furthermore, Gomez advocated for bank savings as a means to support the broader economy by aiding in the circulation of funds for loans to other investors and entities. This, he mentioned, is a crucial aspect of maintaining a healthy economic flow.

Moving beyond saving, Gomez addressed the importance of wise investment choices. He advised understanding one’s risk tolerance, ranging from low-risk, low-return to high-risk, high-return options. He warned against engaging in investment opportunities that seem overly promising, as these are often indicative of potential scams.

Lastly, Gomez encouraged the public to utilize the services provided by the BSP, including informational campaigns on various sectors, investment guidance, digital products, and awareness about fraud and scams. This comprehensive approach aims to enhance the financial literacy and security of Pangasinenses in the upcoming year.