NEWS
Filipinos’ financial literacy needs more push, Home Credit survey reveals
January 30, 2022 11:09 a.m.
The pandemic pushed many Filipinos to be mindful of their personal finances. However, there’s still immense concern on the state of financial literacy in the country.
Both the 2015 World Bank (WB) survey and Central Bank’s 2019 financial inclusion survey revealed that only half of Filipino adults correctly answered financial literacy questions.
This was supported by a survey from Home Credit where only 10% of the respondents correctly answered questions that test their knowledge on various financial concepts.
The said survey was drawn from the consumer finance company’s self-crafted financial literacy quiz found in the My Home Credit App.
A two-part quiz, it offers users a chance to answer a series of questions involving personal finance and other financial literacy items.
To get an in-depth analysis of the quiz results, here’s a breakdown of the findings for each question:
Findings of Quiz 1: Basics of Budgeting, Digital Literacy, and Cybersecurity
More than 25,000 respondents took the first quiz that covers topics on basics of budgeting, digital literacy, and cybersecurity.
Within May to December 2021, the respondents mostly belong to the age group of 25-39 years old and 63% or majority are female.
From the results, only 10% got all correct answers from the six questions.
When asked about managing finances, almost half (as many as 10,000) did not apply the ideal saving formula in their monthly budget; they prioritize expenses first and save what is left.
On interest computation, 57% got the correct answer and the remaining half either got the wrong computation or does not know how to answer.
On a related question about inflation, respondents were asked about the impact of inflation and only 41.8% had the right understanding of its effects on their purchasing power and borrowing decisions.
Filipinos seemed to be more knowledgeable on investments and risk diversification.
When asked whether they will spread their money to multiple investments or focus on just one, almost 73% chose to put it into multiple investments to limit their losses, 22.5% for one investment and 4.6% do not know the answer.
Aside from inflation and basic numeracy concepts, cybersecurity and safety are also one of the concepts that are not well-understood by the takers with only 43.4% getting the correct answer – a number slightly lower than 47.8% before the covered period.
On the flip side, most respondents aced the question on what tasks can be done using digital financial tools at 97%.
The social distancing measures brought by the pandemic might be a huge factor on how well-versed Filipinos have become in using fintech tools for daily transactions.
In summary, results show that the respondents’ knowledge on all financial literacy concepts mentioned above are in the intermediate level with scores falling under 3 to 4 out of 6.
Basic numeracy, inflation, and cybersecurity and safety are the least understood concepts as indicated in the survey.
Findings of Quiz 2: The Basics of Budgeting, Saving and Borrowing
The second leg of the financial literacy quiz zoomed in on the basics: budgeting, saving and borrowing.
Launched in September, it covers the period of launch until September, there are over 19,000 responses, with more females attempting to take the quiz and from the age group of 25-39 years old.
The first three questions concentrated on how to properly plan a monthly budget and how to compute for an emergency fund.
Most quiz takers (66.8%) know that every month, they should at least make a budget plan and 88.4% know that the ideal amount of emergency fund should cover 3 to 6 months’ worth of expenses.
However, only ¼ of users know how to set a SMART Financial goal.
Regarding the basics of borrowing, almost all (95%) of quiz takers know that paying bills on time every month can help improve their credit score.
A total of 77.1% also answered that a consumer finance company is an institution that could help them avail cash or product loans.
On the similar topic of loan application, 83% knows the concept of loan repayment but only half of respondents know what a cooling off period in a loan is about; 65% knows that there are different ways that could help them approve their loans (such as preparing requirements ahead of time, borrowing an amount that you can pay, etc).
Looking at the findings of the second quiz, majority of Filipinos have a proper understanding of the basics of some financial concepts but would need guidance on comprehending more specific terms.
Regardless, the results of the second quiz show that the level of financial literacy in the country is promising and would continue to improve if taught properly.
This is where companies advocating for financial literacy come in. One of which is Home Credit Philippines, a longtime financial provider and financial educator both in global and domestic markets.
Through Wais sa Home, their financial and digital literacy program, they address the concerns revealed in the survey through various initiatives and activities aimed at driving financial inclusion and raising financial literacy standards amongst Filipinos.
“Our business model and the focal point of our corporate social responsibility efforts is centered on responsible lending. We want to help create responsible borrowers and good payers through financial education and digital financial literacy,” says Home Credit Philippines Chief Marketing Officer Sheila Paul.
To reach a wider audience and have a steady source of important financial and digital literacy concepts, Home Credit is launching its Wais sa Home website soon to allow more people to gain knowledge on basic money management and digital skills.
NEWS
SCG promotes green homes with sustainable products
12:36 p.m. April 24, 2024
Siam Cement Group (SCG), a pioneer in the construction material industry and the number one brand in Thailand, showcased during the 2024 Construction Exhibit (CONEX) some of its ground-breaking product innovation, sustainability, and durability, bringing a new perspective to convention attendants and industry peers.
As a prominent player in the construction industry and a home solutions provider, SCG has demonstrated its adaptability to recent market trends, considering consumer demands, longevity, and environmental preservation, making the brand inclusive and holistic.
SCG ensures that its products follow the necessary standards, like the Green Choice Award, which is given to products and services certified to be less environmentally harmful.
“In SCG, we are currently pushing for eco-friendly products. This is something that we really want to emphasize and we are really passionate about improving,” said SCGM President Bancha Chaiprom who also highlighted how the Philippine market is a strong venue because of their affluence to climate concerns and because of their constant exposure to its adverse effects, like intense heat or extreme rainfall.
Showcase green innovations and design trends
In recent years, SCG has placed a strong emphasis on innovation, sustainability, and durability in its product development efforts. Additionally, SCG is the first in Thailand to self-certify the environmental friendliness of its products and services using an eco-label ‘SCG Green Choice’, giving buyers an assurance that these products are truly friendly to the environment and safe to their well-being by providing clear information, product knowledge, and attributes of the labelled products.
Now, at Conex, we are thrilled to showcase some of our ground-breaking products that exemplify these principles. SCG Conex is an annual event that serves as a premier platform for unveiling the latest advancements in construction materials, technologies, and design trends.
As SCG positions itself as a home solutions provider, homeowners can find eco-label products for decorative products with SmartWood and the newest C-Channel product, roofing with SCG concrete roof and Shinkolite, ceiling and walls with SCG SmartBoard, AAC with SmartBlock and insulation with SCG Stay Cool. Each product is carefully produced to meet green standards by omitting harmful ingredients or designed to promote sustainability within homes.
The SmartWood is a unique product from SCG that combines green, durable, and innovative aspects, and satisfies all ceiling, wall, and floor applications. It’s asbestos-free to maintain a healthy space and lessen environmental pollution while promoting durability to serve as an alternative for natural resources like wood.
Moreover, SCG also designed the SmartBoard ULTRA, a revolutionary fiber cement board that combines the best of both worlds: strength and flexibility. This product solves the common fiber cement issue, like edge cracking. It can also withstand extreme conditions, moisture, and impact.
Another green insulation solution from SCG to keep homes cool is the SCG Staycool, which is designed for ceilings, and reduces heat using HydroProtec technology to repel water and moisture to help prolong insulation performance. The natural insulation within their spaces will also enable homeowners to cut energy consumption and costs.
One product that also stands out is the SCG C-Channel Plus. This innovative solution mimics the functionality of steel beams but with numerous advantages. Constructed from fiber cement, the C-Channel Plus is lightweight, weighing five to six times less than real steel. This characteristic not only facilitates easier handling but also potentially lowers installation costs, making it a compelling choice for various construction projects.
Another notable product is Shinkolite, a renowned brand of transparent acrylic roofing sheets manufactured by SCG Chemicals, a subsidiary of the Siam Cement Group in Thailand. Shinkolite has emerged as a preferred option for contemporary construction endeavors, thanks to its exceptional blend of aesthetics, functionality, and longevity. Its transparent nature allows for ample natural light, enhancing the ambience of indoor spaces while maintaining durability and weather resistance. Shinkolite stands as a testament to SCG’s commitment to delivering high-quality solutions that meet the evolving needs of modern construction projects.
Besides the C-Channel Plus and Shinkolite, consumers can also find a lightweight and innovative building material called SCG SmartBlock. The primary advantage of SCG SmartBlock lies in its cellular structure. It consists of lightweight, air-filled bubbles that significantly reduce weight compared to standard concrete. Despite its lightness, SCG SmartBlock boasts impressive strength and durability. Moreover, the air bubbles trapped within the material create excellent insulation, keeping homes cooler in summer and warmer during the cold season, all while contributing to energy savings, allowing for a greener, more comfortable home.
Furthermore, SCG also offers the SCG Facade, which isn’t a single product but an umbrella term for SCG’s range of facade solutions made available by their subsidiaries, SCG D’COR and DECAAR by SCG. These solutions combine aesthetics with functionality to enhance the exterior of a building.
Coinciding with the company’s bid for easy-installation products, they have a technical team that consumers can consult with from the design phase and before installation to get the best results possible.
“We also recently launched the Smart Academy to teach contractors how to properly install our products, is available nationwide through dealers and online,” said President Bancha.
The products’ durability reduces the need for frequent replacements or repairs, minimizing the environmental impact associated with construction activities over a building’s lifespan. President Bancha also emphasizes how SCG uses recycled plastic materials in its products to reduce environmental waste.
As Thailand’s number one home solutions provider, SCG continues to produce innovative, eco-friendly, and durable products to cater to their market’s preferences and stay updated with the latest trends in construction.
NEWS
Toyota Motor Vietnam selects Synology as Data Management Partner
6:53 p.m. March 31, 2024
Toyota Motor Vietnam, one of Vietnam’s largest automobile manufacturers, has partnered with Synology to strengthen its data management infrastructure for its growing data storage and resiliency demands.
“Synology’s storage solution has increased our business resilience,” said Bui Ta Hoan, IT Division Head at Toyota Motor Vietnam. “Synology is reliable, secure, and provides future-proofing scalability for growing data needs.”
Toyota Motor Vietnam deployed Synology data management systems to securely store hundreds of terabytes of data that are generated from assembling over 10,000 vehicles per year. Together with Synology’s high availability and remote data protection features, Toyota Motor Vietnam’s IT infrastructure is more resilient than ever against disruptions.
“Synology solutions are widely adopted in the manufacturing industry for a few simple reasons,” said Jola Le, Synology Vietnam Sales Manager. “Its robustness and ease of use save our customers considerable time. We’re proud to be able to transform and help modernize Toyota Motor Vietnam’s data management and protection needs.”
To learn more about the deployment, please visit: Synology customer story – Toyota Motor Vietnam
NEWS
Kaspersky shares cybersecurity tips for a peaceful getaway during the Holy Week
5:18 p.m. March 28, 2024
As the holiday season approaches, the urge to unwind and kick back is natural. And it’s all too common for people to let their guard down completely when connecting to the Internet too– but shouldn’t.
Recently, the Philippine National Police (PNP) Anti-Cybercrime Group shared their findings on identity theft cases in the country. Between November 2023 and February 2024, they uncovered 178 cases of “hijack profile” incidents. Half of these cases, eighty-nine (89) happened just in February. These cases mirror an upward trend seen throughout 2023, where the PNP recorded almost 3,000 cyber identity theft incidents.
Identity theft occurs when a fraudster obtains personal details from a victim, enabling them to commit identity fraud or fraudulently obtain goods/services. This stolen data can be used to open new bank accounts, take over existing ones, or impersonate the victim for criminal activities.
“In 2023, we monitored 26,164,699 web threats attacks in the Philippines, which made the country 4th with the highest web threats attacks globally, and when we looked at it closely, we found out that Filipinos were facing one (1) attack per second. These numbers are a reminder of the importance of remaining vigilant at all times,” said Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.
Web threats are browser-based attacks used by cybercriminals to spread malware. This includes common dangers like phishing and viruses, along with offline data theft.
To help Filipinos enjoy a peaceful holy week vacation, below are some of Kaspersky’s recommendations to follow:
General travel tips:
- Be skeptical of tantalizing offers
- Check to make sure your connection is secure before entering any personal information on a website
- Always check the address bar to make sure you are actually on the website you are supposed to be on
- Buy tickets and book hotel rooms either from the company directly or through a well-known ticketing or hotel site
- Do not participate in questionable giveaways
- Use strong passwords and two-factor authentication wherever possible
- Checking the address bar is always a good idea, but it may be insufficient; some malefactors know how to fake addresses. So always use a security solution like Kaspersky Premium that scans malicious links.
Avail up to 20% discounts on Kaspersky’s consumer solutions like Kaspersky Premium, Plus and Standard for the whole month of March at https://www.kasperskyph.com/.
On protecting your personal data against identity theft:
- Keep things to a minimum: Use social media sparingly. Don’t use your real name, never post any personal information and don’t share any personal data via social messaging services.
- Keep your computer up to date: Many hackers now use malware to steal your information. Keeping your computer up to date with security patches and antivirus software helps protect against existing vulnerabilities and detect new attacks.
- Browse safely: To limit the chance of a malware infection, don’t open unknown email attachments or browse suspicious websites.
- Be self-aware: Take the time to check your credit card statements for any strange charges, and contact your credit card bank provider the minute you notice that something’s awry.
SCG promotes green homes with sustainable products
Limited-Edition Tanduay Heritage Rum Celebrates Brand’s Tradition of Excellence
Toyota Motor Vietnam selects Synology as Data Management Partner
Ateneo gives PBA guest team fits in 102-93 loss
First in Manila! All immersive experiences lead to SM with its 3D Whale Shark billboard, Space Tunnel, Golden Gateway, dazzling light shows
Up to Date – Pop and viral news, memes, photos, videos, music
