LOS BAÑOS, Laguna – The National Economic and Development Authority (NEDA) Calabarzon Regional Office led representatives from state universities and colleges (SUCs), higher education institutions (HEIs), informal sector groups for the annual observance of Economic and Financial Literacy (EFL) themed “O, Kita Mo Na! Pag May Alam sa Ekonomiya at Pinansya, May Ganansya!”
The NEDA regional office in partnership with University of the Philippines Los Baños College of Economics and Management (UPLB-CEM) conducted the annual economic and financial literacy forum pursuant to its mandate under Republic Act No. 10922.
Organizers disclosed on Tuesday that the annual EFL Summit, held this year at UPLDB-CEM’s REDREC Auditorium, is done every second week of this month.
The forum highlighted the importance of developing economic and financial literacy to various stakeholders and the public so they can make well-informed decisions and improve their finances.
Dr. Isabelita M. Pabuayon, Dean of the UPLB-CEM disclosed that the forum discussions centered on basic economic concepts, national economy and financial literacy awareness.
UPLB-CEM Professor Dr. Zenaida M. Sumalde presented the basic economic concepts on demand and supply, inflation, interest rate, return on investment and how these relate to daily life.
Discussions also tackled how prices are set and the effect of the inflation and interest rates on savings, investments or loans.
NEDA Calabarzon Assistant Regional Director Gina T. Gacusan discussed the Gross Domestic Product (GDP), its components and the factors that contribute to making rich and prosperous nations.
Gacutan highlighted the significant role that people play in improving the economy while Bangko Sentral ng Pilipinas (BSP)–Lucena Branch official Melanie N. Condes focused on the importance of financial awareness.
Condes stressed that financial management is a personal commitment during her presentation on Financial Literacy for Better Personal Financial Management.
She emphasized the need for Filipinos to develop good attitude, behavior, skills and knowledge on managing finances for them to make sound financial decisions. (PNA)
