Financial literacy, i.e., orientation seminars and public campaigns on the importance of savings at the
household, firm and national levels, must be implemented widely and not target only particular sectors.
There should also be more transparent information about the available products offered by financial
institutions, so that ordinary savers can maximize their returns and minimize their risks.
Rural banks, savings banks, cooperatives and microfinance institutions must be encouraged to offer
innovative financial products where ordinary Filipinos can place their hard-earned savings. Raising the
savings rate will benefit not only individuals and households, but also the rest of the economy.
1. Discuss five (5) ways which the country can do to increase its savings
have a strong interest in affecting the savings and investments in an economy, and both
savings and investment affect the overall economy. If the Philippines starts to incentivize savings and
investment, the country could encourage more of this and will lead to an increase to its savings rate. The
first thing that Philippine government can do is to put more effort on eradicating corruptions. Corruptions
creates fiscal distortions and redirects money allocated to income grants, eligibility for housing or