Despite the growing numbers of banking institutions in the province, 647 students of Catanduanes State University prefer to invest in the school’s Members Saving Operation (MSO).
Data shows that one out of ten students of CSU has a savings deposit. MSO is a component of the CSU Multipurpose Cooperative.
Though MSO only allows twice a month withdrawal, unlike Automated Teller Machines (ATMs) where card holders can withdraw anytime, students find it advantageous to have an account in MSO because their money earns a monthly interest of .10%.
“Sa MSO kaya abot-kamay, buda madari pati ang interest, lain sa bangko na grabeng mga proseso mae mo man lang mapapansin na talagang ga-grow ang ya-save mo,” said Lucyl Nakadate, MSO account holder.
She also added that MSO’s location inside the CSU campus saves time and effort.
Recently, Aurora Representative Juan Edgardo Angara filed House Bill 490, otherwise known as the Financial Literacy Act of 2012, which aims to guide Filipinos, especially the students, to become aware of how they can secure their money or resources more efficiently.
Mostly, the bill proposes to provide funding assistance of up to one million pesos to any public or private educational institution who can effectively include in their curriculum the teaching of financial-literacy-related subjects.
German T. Tejada, Jr.