PESO SENSE: The Philippine Financial Freedom Campaign!

Friday, October 18, 2013

Toshihiro Tanaka says that in spite of developing countries, equality remains a problem. The world distribution of equality is susbtantially not implemented. Migration gives this to overseas workers but needs to be done in their original country. It should be included in development objectives. An opportunity to link and transform Filipinos by financial literacy through the launch of the Philippine Financial Freedom Campaign.

We need to integrate migration into new economic agendas.

Secretary Imelda Nicolas shared her views on how some overseas Filipinos come home without financial stability, but adds there is hope. Even though we shop til we drop, we should be spending wisely and they'll do this via a christmas themed campaign. This includes macro economic policies on remittances or private money transfers. Improving financial initiatives that will benefit the Filipino worker and their community. Financial literacy will be supported by local and national governing bodies. Modules are currently even done in seminars for OFW deployment that encourages saving and entrepreneurship. A great start for every age and financial status. She mentions a program called PESO SENSE which teaches skills and advice on saving plus pointers on how to acheive financial freedom. 

Mr. Patrick Gaston  the President of the Western Union Foundation says that this is such an important initiative for the Philippines and other countries. Their company decided to focus on education together with their NGO partners and see that vocational training, financial literacy is a very good example when they meant education for making lives better. Western Union says they want to approach this together with their business partners and the community so it would have meanigful impact.

Dr. Felipe Medalla, Monetary Board Member adds Bangko Sentral Ng Pilipinas fully supports this synergy and says we must harness technology too so we can level the playing field and increase the middle class. This would result in change in leadership, as we see now in the PDAF issue. As we get older our earnings rise but our expenditures follow suit. Educating is really important, this also includes dealing with uncertainty or problems in jobs and health. It's not an easy task, a very tall order but realizing this is the first step. He also mentioned the difference between economics and sociology. People should think about this campaign, but we have to note that GDP isn't a good measure for our national accounts since it doesn't include the real picture. Ours could be more if only our leadership does not lose focus. Improve remittances, make it fast and let the people benefit from it. 

S stands for shopping list
E stands for early shopping
N stands for no expensive gifts
S stands for Solid future
E is for Earn and Save

Makes sense no? So the next time you get your 13th month pay, think about what you are spending and how much you could save with a little bit of SENSE. :) 

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