MALASIQUI, Pangasinan – Pangasinenses are encouraged by a Bangko Sentral ng Pilipinas (BSP) official to incorporate savings and investment into their new year's financial literacy plan.
Gomer Gomez, a research specialist from BSP Northern Luzon, provided valuable insights on saving and avoiding investment scams during a virtual forum organized by the Philippine Information Agency - Pangasinan on Wednesday.
Gomez emphasized three key aspects of money-saving: prioritizing needs over wants, adhering to the savings formula of “income minus savings equals expenses,” and allocating specific percentages for savings.
He stressed the importance of setting aside savings and making wise decisions with the remaining amount. According to Gomez, saving money serves as a financial buffer for emergencies or future purchases.
Gomez cautioned the public against succumbing to impulse buying, especially when lacking savings. If the savings formula proves challenging due to negative income, he advised profiling to adjust either spending habits or income sources.
Highlighting the necessity of a personalized financial plan, Gomez acknowledged the uniqueness of individual income and expenses. He also encouraged Pangasinenses to deposit their savings in banks, emphasizing that this contributes to the economic cash flow and allows banks to extend loans to investors, corporations, or individuals in need of financial assistance.
Following savings, Gomez emphasized the importance of investing money wisely. He urged individuals to understand their risk appetite, distinguishing between low-risk, low-income and high-risk, high-income investment options. He cautioned against falling for investment schemes that seem "too good to be true."
Additionally, Gomez encouraged Pangasinenses to take advantage of BSP services, including information campaigns covering various sectors, investing, digital products, and awareness on fraud and scams. (PNA)
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