To celebrate this year’s Economic and Financial Literacy Week, NEDA-CAR conducted the Economic and Financial Literacy Forum on November 11 at the DOH-CAR Regional Training Center in Baguio City. Participants included representatives from 17 regional line agencies, students and teachers of four universities in Baguio City, 7 media outfits, and members of the informal sector which included workers in the informal sector and housewives.
Sharing their expertise to the group were Prof. Rainier Ric dela Cruz of UP Baguio, Ms. Marian Suaso of the Bangko Sentral ng Pilipinas – La Union and Mr. Aldrin Federico Bahit of the PSA-CAR. Prof. dela Cruz gave a short talk on basic economic concepts such as supply and demand, pricing and inflation, while Mr. Bahit explained the System of National Accounts and the country’s GDP trends from 1946 to the present.
Meanwhile, Ms. Suaso gave an engaging talk on savings and investments and shared some tips on how to invest wisely. She also had a short contest in which participants who correctly answered her questions on financial literacy were awarded with BSP Commemorative coins.
NEDA-CAR Asst. Regional Director Jedidia Aquino gave the Welcome and Opening Remarks during which she encouraged everyone to be economic and financial literate. This was seconded by Ms. Carmel Matabang, Chief Economic Development Specialist of the Development Research Division, who said that citizens who have sufficient understanding of economic and financial concepts contribute to a more economically progressive nation.
The forum aims to improve the public’s understanding, particularly the youth and workers in the informal sector, of economic and financial concepts to help them earn sustainably; and to provide insights and tools that will enable the public to make informed and sound financial decisions to help them grow in their fields.
The Economic and Financial Literacy Act (RA 10922), which lapsed into law in 2016, provides that the Economic and Financial Literacy Week should be celebrated every second week of November of each year. The Act also mandates NEDA as the agency to lead in planning, initiating and executing activities to celebrate the Economic and Financial Literacy Week.
by Joseph Joshua Sibaen, DRD