Paula Viegelmann-Ruelan | May 30, 2017
A total of 25 DepEd Central Office personnel from different support units participated in City Savings Bank’s ‘Project Peraparasyon’ last May 19, a program designed to enhance knowledge on practical wealth management among public school teaching and non-teaching.
Our objective is not just to be in this business but really to elevate people’s lives. You see, if we don’t do that, there’s no purpose in being a banker.
–Eugene Acevedo, Chairman of the Board, CitySavings
Mr. Acevedo also shared another nugget of wisdom: “You have to put your money in something that will grow at a pace greater than 5% or 6%, because if you only put your money in time deposits, then you only make one and a half. You will not be able to cope with even the ordinary cost of living. The only instrument that can give you that are equities, trust funds, and mutual funds.”
CitySavings EVP-Channel Management Levi Villanueva, who facilitated the workshop, emphasized that the program aims to show in simple terms how to achieve financial wellness through fiscal prudence. He further noted that wealth management is all about a change in mindset and that spending less does not mean less quality of life.
“I found the presentation meaningful and practical especially the tips on how to manage income vs. expenses” shared DepEd Chief Admin Officer Marcos Rodil after attending the seminar.
“More than 23,000 of our retirees – both teachers and non-teaching staff were not able to get anything from their retirement because they had unpaid loans, and I think it’s because of poor financial literacy. So I said to CitySavings, is it possible that aside from the products that you offer, can you also teach them how to manage their finances? That’s why they came up with this initiative especially for DepEd,” cited DepEd Undersecretary for Finance Victoria Catibog.
Since April 2016, City Savings Bank has trained over 15,000 teaching and non-teaching DepEd personnel nationwide on how to manage their wealth in a practical manner. The program has specifically reached 10,748 beneficiaries in Luzon, 2,900 in Visayas and 1,413 in Mindanao.