A HUGE majority of Filipinos do not have investments, Bangko Sentral ng Pilipinas Gov. Benjamin Diokno said Friday as he emphasized the importance of building financial resilience amid the economic fallout brought by the COVID-19 pandemic.
During a webinar, Diokno said while there is also an increasing appreciation for insurance, investments, and other financial tools, “much still needs to be done to get more Filipinos into investing.”
Citing results of the 2019 Financial Inclusion Survey, the central bank chief said “75 percent or 54 million of Filipinos do not have investments.”
“While this figure may be disappointingly low, it shows, however, immense room for growth in the investment market,” Diokno said.
“Aside from deposit accounts, loans, and payment services, affordable retail investment products should be among the regular Filipinos’ arsenal of financial tools,” he noted.
The BSP chief said that from 2017 to 2019, Filipinos who are engaged in investing grew by a measly two percentage points from 23 percent to 25 percent.
“Many Filipinos perceive investing to be costly and have yet to realize its value as an additional income source,” Diokno said.
“Investments provide people the means to enhance their financial health as well as to protect their welfare against economic risks and sudden downturns such as this ongoing pandemic,” he said.
To make investing within reach of ordinary Filipinos, the BSP recently allowed trust companies to distribute their unit investment trust funds offerings through third parties.(GMA News)
