National Economic and Development Authority (NEDA) in Region 10 led the observance of Economic and Financial Literacy (EFL) Week here with a forum held at Mallberry Suites and Business Hotel, here, Thursday, November 15.
Participated by workers from the regional line agencies and local government units in the region, the forum highlighted the value of economic and financial literacy in making well-informed decisions and accessing development opportunities.
Engr. Cecilio Clarete, chief economic development specialist of NEDA-X, said the forum aims to heighten awareness and understanding on economic and financial concepts to help government workers on their day-to-day lives.
Ma. Estrella Luz Peñaloza, OIC supervising economic development specialist of NEDA-X, presented the basic economic concepts such law of demand and supply, gross domestic product (GDP), inflation, interest rate, and how these relate to daily life.
Kharen Obsiana, assistant unit manager of the Million Dollar Round Table Member, gave an engaging talk on investing citing it as a necessity and not merely an option.
She encouraged the participants to park their money in high-return investments to beat the ever-fluctuating inflation rates adding that investment not only gives a return but also ideal for meeting all their larger financial goals.
Obsiana also shared various investment instruments which the participants can venture into such as stocks, bonds, mutual funds, gold, businesses, properties, and foreign currency, among others. She further reminded them to clearly define their investment goals before choosing an investment portfolio.
Bangko Sentral ng Pilipinas (BSP) Cagayan de Oro Branch representatives, on the other hand, tackled personal finance and consumer protection.
Dexter Erick Demafeliz, Bank Officer II of the BSP – Cagayan de Oro, underscored the importance of developing good savings behavior.
“A good saving behavior requires discipline, and discipline is learned through practice,” he noted.
Demafeliz also shared tips on savings and successful budgeting emphasizing the need of setting clear financial goals and living within one’s means.
The observance of the EFLW every second week of November of each year is pursuant to Republic Act No. 10922 or the Economic and Financial Literacy Act which lapsed into law on July 22, 2016. The theme for this year’s celebration is “National Identification for Greater Economic and Financial Inclusion: Sa Pag-angat ng Ekonomiya at Pinansya, Lahat Makakasali Kapag May Pambansang ID.” (APB/PIA10)