Students encouraged to start saving money now

The Bangko Sentral ng Pilipinas (BSP) and Department of Education (DepEd) are encouraging students to start saving money through wise spending.

The call was contained in a joint statement from the BSP and DepEd read at flag-raising ceremonies in schools to cap the annual observance of Savings Consciousness Week.

This year’s theme was “Perang Pinag-ipunan, May Dalang Kaunlaran” (Saved Money Brings Prosperity).

The annual observance of National Savings Consciousness Week aims to teach students the importance of saving money and how it can contribute to Philippine economic growth.

The statement, signed by BSP Governor Amando M. Tetangco Jr. and Education Secretary Armin Luistro, stressed the importance of knowing the differences between wants and needs, so people could avoid spending on unnecessary things.

Students, the message said, could start saving by opening personal bank accounts.

The DepEd and BSP said there were now banks that allowed the opening of new accounts with initial deposits of as low as P200. Some banks, the government agencies said, even organized caravans that visit different schools and allow students to open accounts on the spot.

The BSP pointed out that money deposited in a bank earns interest. The bank also uses the deposit to lend money to businesses so they could grow and contribute to economic development and job creation.

The BSP said that if students felt uncomfortable about bringing small amounts to the bank, they could save money first in piggy banks until they had a more substantial amount to open an account.

It said that, since students were young, banks did not expect them to deposit thousands of pesos. Banks would be happy to serve those who at a young age already know the importance of saving.

Savings are essential for times of need, the message said.