LAPU-LAPU CITY, Cebu- Saving should not be a painful thing to do, was the message of Bangko Sentral ng Pilipinas (BSP) Supervision and Examination Sector Managing Director Johnny Noe Ravalo during the recent BSP Financial Education (FinEd) expo at the Shangrila Mactan Resort.
Ravalo said although the BSP does not have a specific formula which Filipinos can adopt in developing a habit for saving, it can share some basic principles on how to do so.
He said since the Philippines is an archipelago, each region in the country has its own saving pattern.
The BSP FinEd promotes the habit of saving and the management of personal finances, teaching people the basics of investing, how to spot and avoid financial scams and providing tips for building wealth.
That particular department within the BSP also reaches out communities with which it shares ideas and insights in developing personal finances.
During said expo in Cebu, the BSP brought in Smart and Globe telecommunications representatives to conduct live demonstrations on mobile banking.
Also, the BSP FinEd expo was meant to be a prelude to the international seminar on financial inclusion and financial literacy which the BSP is co-hosting with the Organisation for Economic Development and Cooperation.