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In line with the celebration of the 2020 Economic and Financial Literacy Week (EFL) Week, the NEDA MIMAROPA conducted a webinar on economic and financial literacy focusing on the digital economy on November 20 through  Zoom video conference.

The activity aimed to raise awareness on sound economic and financial principles among the youth and workers in the formal and informal sectors amid the coronavirus disease 2019 (COVID-19)  pandemic. Specifically, the webinar aimed to educate regional stakeholders on how to recognize online investment scams and how to explore digital markets.

Around 110 students and faculty members from Mindoro State College of Agriculture and Technology, Occidental Mindoro State College, Marinduque State College, Romblon State University, Palawan State University, and Western Philippines University participated in the webinar.

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NEDA MIMAROPA OIC Regional Director (RD) Susan A. Sumbeling, in her opening remarks, explained that the adoption of digital solutions can help in areas such as managing transactions at a distance, delivering goods efficiently, facilitating access to financial services, and engaging with new and existing customers. She underscored the importance of recognizing the complex challenges digitalization presents, including cybersecurity, data privacy concerns, and exposure to digital fraud.

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OIC Atty. Oliver O. Leonardo of the Enforcement and Investor Protection of the  Department of the Securities and Exchange Commission discussed how to manage financial shocks and identify investment scams, while RD Joel B. Valera of the Department of Trade and Industry MIMAROPA talked about exploring digital markets for business opportunities.

During the open forum, participants inquired about practical tips related to investments and e-commerce.

In his closing remarks, OIC Assistant RD  Bernardino A. Atienza, Jr. of NEDA MIMAROPA  urged the participants to share the knowledge they have learned with their family members, schoolmates, friends, and colleagues. He also encouraged the participants to work hand-in-hand with the government, private sector, and development partners in making the region’s vision a reality.

The EFL Week is celebrated pursuant to Republic Act No. 10922, or the Economic and Financial Literacy Act, which declares the second week of November as EFL Week. This year’s theme is “E-konomiya: Maingat na Pag-angat.”