#UsapangPera: Mga Tips sa Pagyaman with Sir Vince tackles money issues such as savings, loans, budgeting, and investing among others. Visit Sir VInce's website: www.vincerapisura.com. How to join SEDPI Coop: 1. Join SEDPI Foundation at bit.ly/SEDPIOnlineSRI by clicking “Register” and filling out the form 2. Take the online Pre-Membership Education Seminar (PMES) at bit.ly/SEDPICoopPMES 3. Pay membership fee and initial share capital Simulan ang pagiinvest the socially responsible way sa: bit.ly/SEDPIOnlineSRI Pag-IBIG MP2: * Watch the play list: https://www.youtube.com/playlist?list... SSS Retirement: Watch the playlist https://www.youtube.com/playlist?list... How to invest 100K: https://youtu.be/dxHRZn7uP-4 Celebrity guests include venus Raj (Season 1); Nicole Cordovez and Sinon Loresca (Season 2); Atom Araullo (Season 3) and Porky (Season 4). Smart Parenting Board of Expert

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Private sector economists revised their downward inflation forecasts for 2024 and 2025.

According to a Banko Sentral ng Pilipinas survey of private economists,

the average estimate for 2024 inflation was adjusted to 3.5%,

slightly lower than the previous estimate of 3.6%.

Additionally, the forecast for 2025 was also revised downwards to 3.4%,

compared to the previous projection of 3.6%.

Filipinos could only hope that this outlook is realized,

and perhaps even outdone, as rising prices have been hurting consumers.

According to Moody's Analytics,

the elevated inflation is now eroding savings rates in Asia-Pacifics.

It's also worth noting that the number of Filipino adults with savings had already dropped by 25%.

From Php 38.6 million in 2019 to Php 28.9 million in 2021,

due to the impact of the COVID-19 pandemic.

How can Filipinos save money during times of high inflation?

Let's discuss that further on today's agenda.

Vince Rapisura is a known financial expert in the country.

In 2004, Rapisura established the Social Enterprise Development Partnerships, or SEDP,

a company that provides financial literacy trainings to overseas Filipino workers.

SEDP is present in 15 countries worldwide.

Good morning Vince, welcome back to the program.

Hi, good morning Sito, it's nice to be back.

I'm just curious, what is the situation of our overseas Filipino workers

in terms of income, in terms of savings, and in terms of outlook?

It's not just here in the Philippines that we have high inflation.

Even in other countries, their inflation is also high.

So, what's happening really is, they're having difficulty managing the income that's coming in

because prices of goods and services keep on going up.

Unfortunately, our remittance is steadily growing,

but it doesn't go to savings and investments.

It really goes to expenses, basic needs of the family.

So, they need to send more of their hard-earned income

to finance their basic needs here in the Philippines.

What about the people you work with or deal with?

To be able to save, it's two things.

Either you increase your income or decrease your expenses.

But we know here that we're already used to tightening our belts.

That's why I'm more confident in increasing our income

because increasing our expenses is very important.

But all the experts that I have been following globally

have said that the solution of increasing our income

is to increase our expenses.

So, I think that's the solution.

I think that's the solution.

I think that's the solution.

I think that's the solution.

... Have said the solution of increasing your income is a myth

or at best is just capacitating you to spend more.

Kumbaga tama ka, increase natin ang income, dapat lang.

Pero ang problema kung bad spender ka,

... Anong increase ang gawin mo, umusin mo din yan dahil yan ang sakit mo, ang gasta, hindi ang kita?"

... Actually it really goes together na dapat ang pag-increase in income mo ng financial literacy. Dapat talaga marulong kang humawak ng pera. Ang traditional na ginagawa natin...

... Pagtitipid, bumaluktot at para magkasa sa kumot."

... Meron kang oven sa bahay, hindi nagagamit, gagamit ng kuryente, may stock ka na flour. Maybe you can bake something and sell it. So these are things that you can do to increase your income a little bit rather than nakatinga siya.

Another way of looking at it, kung mara yung pagtaas ng gasolina, meron kang sasakyan, may motorsiklo ka, you can enter what we call the transport vehicle network services."

... People say I constantly criticize government. Sabi ko I am not criticizing government."

... Yan ang sinasabi, malaki talaga yung role ng government on this. I visited some friends here in Davao at pinag-usapan namin kagabi na bring up na in the health sector malaki talaga yung expenses diyan.

Well that's what the universal healthcare is there. Kasi ang nangyayari pa rin dito on the ground is doon sa ospital may desk ang mga politiko at doon pupunta yung mga tao para makakuha ng subsidy para sa kanilang pagpapagamot. At sabi ko although the intention is good but it's not structural at nagkakaroon tayo ng utang na loob doon sa politiko na dapat wala."

Q1. Take advantage of what's available?

... There are also ways that the private sector, the government can do. Pero we also have our responsibilities."

... Kunahin talaga ang listahan sa grocery kasi kapag nililista mo ang mga kailangan mong bilhin sa grocery, you prevent yourself from overspending and you plan ahead. Basic need yan, kakainin na. We need work and we can function. That will generate income for us."

Q1. Ang mga patong doon sa produkto, akala mo lang mura kasi hindi naka-aircon, public market, parang nakakatawad ka pero hindi mo matatawaran ang mga patong ng mga nauna?

... Usually mga dry goods mas mura sa supermarkets pero mga gulay, isda usually mas fresh yan sa public market at mas mura based on my observation."

Q1. What area, specific area has the highest impact the minute you control it for your budgets and your finances?

... Ang biggest impact niyan if you're able to budget talaga baka kapag ipon tayo. Sa pag-iipon dapat hindi na ito pinag-iisipan. You should already have established an automatic system to be able to do this.

Kung meron kayong mga bank accounts, for example, mag-online banking na, mag-schedule transfer na pagpasok ng income mo, papunta na sa emergency savings agad.

... If available sa banks pwede din naman yung employer mo mismo kausapin muna na pwede ba nakaltasan ka and deposit this immediately to another bank account. We operate a social enterprise. We have about 120 employees.

We match that with 5%. No brainer to all of them. Lahat nagsisave.

Pero sandali, hindi ka ba tinatamaan dun? Kasi other bosses would say, well that's highly commendable but 5%, what's in it for you?

Our ethos is we believe that if people are properly compensated, they become more loyal to the company, they have more grit to work. At actually, iwas na iwas sa fraud. Kasi they're getting what they need. Ganyan na rin yung pag-iingat nila at pag-care nila sa company.

There's a reduction in fraud or integrity issues because they're invested in the organization.

Yes. We reward good performance. May incentives pa yung mga yan. As a private sector, we laid down the appropriate policies so that they are encouraged to save. Instead na mangungutang, pangpabinyag, magtatagot ng business semesis, mangungutang, they withdraw.

Surround yourself with people who save and invest. Umanod ka ng mga good influence sa buhay mo. Kung yung mga kasama natin sa trabaho in our community ay namungutang ng sobra-sobra o kaya overly spending, baka iwas-iwas muna tayo or encourage our group na mag-save and mag-invest.

Nakikita ko rin on the ground, parang taboo yung pag-uusap ng tungkol sa pera. Pero dapat inormalize natin siya na lahat tayo kailangan natin ito at kailangan nating pag-aralan at pagtulungan.

That's very true Vins. Kasi sinabi ko rin yan, I retired from the car restoration hobby. Ayoko mag-attend ng mga car shows na yan or hang out with people with cars kasi maingit ka lang.

Maingit will drive you to buy what you cannot afford. So you're so correct there. Ako naisip ko dyan, to address, kung gusto mo talaga ng lifestyle na ganyan, then make a business out of it. Bentahan mo yung mga kasamahan mo ng mga goods na yan.

Thank you very much. It's a pleasure.