1 July 2019- The Philippine Embassy in Singapore facilitated a talk on making a personal investment in Unit Investment Trust Funds (UITFs) organized by Philippine National Bank (PNB) Singapore. UITFs are investment products offered by commercial banks in the Philippines.
The talk gave an introduction to investing in UITFs, which are directed to income earners who want to put their savings into investments that will earn more than the interest offered by savings accounts and time deposits.
Philippine bank savings account offers interest earnings of up to 1.75 percent annually and time deposits up to 3.9 percent annually. UITFs can offer earnings between 6-percent and 10-percent annually.
Filipinos in Singapore have shown interest to increase their financial literacy. A considerable number of Filipinos have attended financial literacy talks and programs organized by financial service providers, literacy advocates, and literacy advisers. The awareness of many Filipinos in Singapore about financial literacy has gone beyond basic good savings habits, and has expanded to include knowledge on investing in mutual funds, stock equities, unit investment trust funds, insurance and property.
The introduction to UITFs by PNB is the Embassy’s fifth financial literacy topic this year. Earlier topics were on good saving habits for household service workers; financial literacy and escaping debt; investing in franchising; and investing in stock equities and mutual funds.