In celebration of the Economic and Financial Literacy Week, the NEDA Region 5, in partnership with the Bangko Sentral ng Pilipinas (BSP)-Legazpi, conducted the Seminar on Financial Literacy and Basic Economics for Development Planners on November 6, 2017 at NEDA Region 5, Legazpi City. The seminar aimed to enable the participants to (a) know the basic concepts on economics and financial literacy; (b) appreciate the importance of economic and financial literacy in making sound policy decisions for regional development; and (c) apply economic theories to actual development planning. About 70 participants from provincial planning and development offices, youth organizations, civil society/non-government organizations, and the NEDA regional office attended the seminar.
Resource persons were Ms. Sharon Moyano of the BSP-Legazpi and Prof. Erwin Torres of the Bicol University College of Business, Economics and Management. Ms. Moyano discussed the National Strategy for Financial Inclusion pursuant to the Philippine Development Plan 2017-2022. The module focused on the three important areas in financial literacy, namely: (a) saving and insurance, (b) borrowing, and (c) investing. Ms. Moyano encouraged the participants to save, plan for retirement, invest in equities and diverse portfolios, and satisfactorily manage credit and mortgage performance. She offered the BSP’s wide range of services on financial education and consumer protection to help the participants manage their financial portfolios.
Mr. Torres discussed basic economics and its relevance in making sound policy decisions for regional development. Topics included (a) concepts on market economy, such as demand, supply, and market equilibrium; (b) national income accounts (e.g. circular flow of economic activities, approaches in estimating the gross domestic product and gross regional domestic product, and trends); and (c) selected economic indicators such as inflation, interest rate, and return on investment.
Materials on economic and financial literacy were provided to the participants for dissemination to their respective offices and organizations. The seminar enabled them to gain knowledge and appreciate the importance of economic and financial literacy in laying down the foundation for inclusive growth, a basic requirement for the attainment of the AmBisyon Natin 2040.
ALB Bellen – DRD NEDA 5