{"id":59729,"date":"2015-08-23T21:02:46","date_gmt":"2015-08-23T13:02:46","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=59729"},"modified":"2025-01-29T10:51:59","modified_gmt":"2025-01-29T15:51:59","slug":"sen-aquino-alarmed-by-bsps-report-that-most-filipinos-have-no-savings","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/08\/23\/sen-aquino-alarmed-by-bsps-report-that-most-filipinos-have-no-savings\/","title":{"rendered":"Sen. Aquino alarmed by BSP\u2019s report that most Filipinos have no savings"},"content":{"rendered":"
\"Sen.<\/a>
Sen. Bam Aquino (Photo courtesy of Sen. Grace Poe’s Facebook page)<\/figcaption><\/figure>\n

MANILA \u2013 Senator Paolo Benigno \u2018Bam\u2019 Aquino IV on Sunday said he was deeply alarmed by the Bangko Sentral ng Pilipinas\u2019 report that most Filipinos have no savings to fall back on.<\/p>\n

Aquino said it\u2019s high time to cultivate a culture of savings among our countrymen through financial literacy and entrepreneurship.<\/p>\n

\u201cThe report that four out of 10 Filipinos have no savings to be used for emergency is very alarming,\u201d Aquino, chairman of the Senate committee on trade, commerce and entrepreneurship, said.<\/p>\n

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<\/p>\n

Aquino was referring to the BSP\u2019s National Baseline Survey on Financial Inclusion, which revealed that only four out of 10 Filipinos have savings. Out of those four, only 32 percent put their savings in banks.<\/p>\n

\u201cWhat if an emergency comes up where we need cash, like a disaster or a sudden illness?\u201d Aquino, a world-renowned social entrepreneur, asked.<\/p>\n

While almost all Filipinos are aware of banks, the survey showed that only five out of 10 adults have actually done any banking transaction.<\/p>\n

The BSP report stated that the country suffers from low financial literacy mainly because most Filipinos do not have money to save.<\/p>\n

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\u201cWe have to change this by developing a culture of savings among our fellow Filipinos, especially the youth,\u201d Aquino stressed.<\/p>\n

\u201cWe have to strengthen our push for financial literacy to educate our countrymen on the importance of saving for rainy days,\u201d he added.<\/p>\n

As a staunch advocate of financial literacy, Aquino has co-authored and sponsored the Youth Entrepreneurship Act, which was recently ratified by both houses of Congress and is currently awaiting the approval of President Aquino.<\/p>\n

The measure creates financial literacy modules in all levels of Philippine education, to inculcate a culture of enterprise development among the Filipino youth.<\/p>\n

The Act also provides would-be youth entrepreneurs access to financing, training, market linkages, and other means of support that will help them run and develop their own business.<\/p>\n

\u201cBy arming the youth with enough knowledge about financial literacy, the future looks bright for them as they prepare for their next phase in life,\u201d Aquino said.<\/p>\n

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<\/p>\n

The Youth Entrepreneurship Act is also believed to be an effective tool to solve the growing number of jobless youths in the country, which currently stands at 1.32 million.<\/p>\n

\u201cWe need to look for new ways to create an environment where Filipinos could earn more than enough for their daily household expenses and be able to save and invest for their future,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA \u2013 Senator Paolo Benigno \u2018Bam\u2019 Aquino IV on Sunday said he was deeply alarmed by the Bangko Sentral ng …<\/p>\n","protected":false},"author":44,"featured_media":41746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,19,95],"tags":[],"class_list":["post-59729","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking","category-business","category-news-ph","mauthors-jelly-f-musico","mauthors-philippines-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/59729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=59729"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/59729\/revisions"}],"predecessor-version":[{"id":286769,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/59729\/revisions\/286769"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/41746"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=59729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=59729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=59729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}