To address the persistently high consumer prices in the Philippines, researchers at Metropolitan Bank and Trust Co. (Metrobank) have shared valuable tips on how individuals can protect their funds from the effects of inflation.
In its June 2023 Metrobank Bulletin, the bank highlighted the impact of inflation, stating that the same amount of money today can buy fewer goods and services compared to previous years due to rising prices.
Metrobank emphasized that if money is not invested or placed in interest-earning financial assets, its value diminishes over time.
To combat this, the bank suggests long-term investments in compound-interest earning financial instruments such as Unit Investment Trust Funds (UITFs) and recommends avoiding keeping money idle at home.
Metrobank also encourages individuals to explore their wide range of UITF products and consider time deposits, which offer higher interest rates than regular savings accounts.
With these strategies, the bank expects individuals to be able to proactively manage and grow their money in the face of a rising inflation environment.
