The Bangko Sentral ng Pilipinas (BSP) recently called on the public to save their money in banks.

“Only banks are allowed by law to accept deposits from the public, and bank deposits are insured up to P500,000 per depositor per bank,” the agency said, noting deposits with member banks are covered by the Philippine Deposit Insurance Corporation.

“Let your deposits grow with interest,” BSP added.

They noted, make sure the bank one plans to invest in is licensed.

In terms of investment, BSP suggests one choose a plan that suits their individual needs; and to invest in government securities or products registered with the Securities and Exchange Commission, approved by the insurance commission, or authorized by BSP./WDJ