THE Bangko Sentral ng Pilipinas (BSP) urged students and residents of Meycauayan, Bulacan to strengthen their saving and budgeting habits and exercise caution when borrowing or investing.
Spearheaded by students from Bulacan State University, the event brought together banks, insurance providers and digital financial services companies to help residents learn about financial products, access formal financial services and make more informed decisions about managing their money.
Ma. Lourdes Laconsay of the BSP North Luzon Regional Office offered practical ways to manage personal finances, including distinguishing needs from wants, setting aside savings, managing debt and assessing investment risks.
“Budgeting means telling your money where it's going instead of just leaving it and thinking about where it went,” Laconsay said, emphasizing the importance of directing income toward essential expenses and financial goals.
She encouraged participants to save regularly, even in small amounts, and consider opening bank accounts to gain access to formal financial services.
She also warned against investment schemes promising unusually high or guaranteed returns, stressing that all investments carry risks.
Laconsay advised borrowers to assess their ability to repay loans, determine how much they need to borrow and understand their monthly payment obligations.
She also discussed debt repayment strategies, including prioritizing smaller obligations and negotiating loan restructuring with financial institutions when borrowers encounter payment difficulties.
Sun Life representative Jobert Vailoces emphasized the importance of making deliberate spending decisions and preparing financially for the future.
“Just because you can afford to buy something does not mean you need to buy it,” Vailoces said, reminding consumers to distinguish between what they can afford and what they actually need.
He also encouraged people to build financial security so their money could eventually work for them, rather than relying solely on continued employment.
Other participating institutions included Land Bank of the Philippines’ Malolos branch, PDAX, St. Peter Life Plan Inc., GoTyme Bank, GCash, Bank of the Philippine Islands and the Meycauayan City cooperatives office.
The event aimed to help residents make informed decisions about saving, borrowing, insurance and investing by connecting them with financial institutions and service providers.
