NATIONAL SERVICE TRAINING PROGRAM

FINAL EXAMINATION

NAME: Recil Marie D Boragay

SECTION: CE11B

FINANCIAL LITERACY AND IGNITING ENTREPRENEURIAL SPIRIT (FLIES)

REFLECTION
The emerging consequences of the Novel Corona Virus in our country is
evident in the lifestyle of our fellow Filipino. Cities had been quite for months, people are
afraid to have contact with other people, financial problem arouse, and the most of all the
increasing mortality rate had been documented every day. These detrimental effects to
the health as well as to the various aspect in our society is a threat to sustain our
necessities in daily living especially that most businesses are forced to reduce workers.
Thus, many Filipinos are suffering in the current situation in our country. Most of these
people are often victimized by fraudulent people who lost their sense of humanity. As a
student a lot of realization had
The world is facing a global crisis that causes the continuous suffrage of all people
around the globe including our sources of income. Thus, the economy including tourism
are greatly affected by this pandemic. However, humans could cope to changes, and
enable to survive, most of us strategize to supplement our families with basic needs.
According to Dr. Fay Lea Patria M. Lauraya, Entrepreneurship is the leading solution in
our situation. The trends in the new normal serves as an opportunity to other people to
establish an idea that would be served in the market. Basically, our needs during this
pandemic spark a wave of innovation to encourage young entrepreneurs to respond to
the needs of people and would bring convenience to the customers. However, there are
steps to be an entrepreneur. Based on my understanding, an entrepreneur should be
guided by guiding principle about business. Second, is to have a capital. The most crucial
part is to have a money to start with meaning capital is significant to establish a business.
In order to attain that, we should learn to save. Lastly, we should know how to protect our
money from scammers.
Online shops and services had been prevalent to most social media sites. Most of
these shops endorses clothings, and human services that is a trend these days. Due to
this most transaction are commonly incorporated online enable to promote their product
without exposing themselves with the disease. I realized that in situation like this, we
should be more creative and innovative to help our parents in our expenses. Even though
I am an Engineering student, I think it is a relative topic to be discussed because the field
that I have chosen is aligned to business. There might be a chance that we, could build
our line of business in construction and supplies. Engaging yourself to business is a
courageous act since you have to brainstorm and wise enough to come of a decision on
what strategy you would implement. Like what Dr. Fay said we should remove product
NATIONAL SERVICE TRAINING PROGRAM
FINAL EXAMINATION
should be turned to experience you are not only selling the product but also offering
solutions to the customers. The place should be every place enable offer convenience to
the customers. Price should turn into exchange which implies that the price would also
added by value or quality. Lastly, promotion to evangelism which means your product
would be endorsed by your client. Therefore, your mind will be the first investment in
starting a business. Youth have a lot of ideas that would matched these criteria to
business,that is, I think the reason why we are being provided with knowledge in business.
Second step is to be informed on the processes of the money. Having an adequate
knowledge about the macroeconomic fundamentals especially that we are in the midst of
pandemic is an important factor to weigh in the line of business that you have chosen.
The third topic is about having a savings which I think one of the fundamental topic
to be discussed especially that we, used excessively spend our moneys for our luxuries
including clothes and other. I am being enlightened that even though I do not want to
incorporate myself into business I should secure my life by saving. Life is quite
unpredictable. No one predicted that this COVID 19 would be a global crisis affecting our
lives. In emergencies like this, we would realize the importance of having a safe keeping.
This topic introduced reasons why most of us cannot save. According to the speaker,
inflation (skyrocketing of prices) is not the main cause for not having a saving but, it is our
lifestyle. The proliferation of online shops and services made people spend their money
rather than saving it in the banks. The temptation to buy had been a problem by most of
that. It encourage me to create my own bank account enable to discipline myself in
handling money. The information about saving is beneficial, it widens our understanding
on the processes of the chosen medium. Since we are on the era of computers, most of
the bank transaction can be accessed online which means banking made it easy. As a
student having this idea about online banking and idea about payment is quite necessary,
since, we are delimiting ourselves to be infected by COVID 19. Having this paperless
transactions would lessen the probability in acquiring the disease, and above all, it require
less time which can make me productive. However, we should also being reminded that
we should secure our possession and account. We are in the digital world wherein there
is no impossible. It can be hacked or used by other people. It made me realized that either
paper based or n Digital based, there are still a chance that the money would lost in our
hand. We should not entrust these account to any other enable to secure our savings as
well as our personal information.
The last step that has been discussed is about knowing your money. Since most
of us are incorporated in the online activities, being mindful is an important asset to avoid
scams from other people. Money is the medium of exchange recognizable for
transactional purpose in the economy. It is the prime factors in buying commodities that
we need enable to survive. That is why, protecting your money is significant.The most
common scams that is wide spread during pandemic is the counterfeit note/coins. The
Bangko Sentral ng Pilipinas, had differentiate the authentic money to the counterfeit note.
According to Mr Bob Almeda, there are ways to know the authenticity of the money: (1)
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FINAL EXAMINATION
Feel the texture; (2) Look; (3) Tilt. The recent design of our New Generation Currency is
quite complicated making it hard for counterfeiters to duplicate the design. The designed
are explained as well as the functional tactile marks in the paper that would beneficial to
those who are visually impaired and elders. The symbols in the New Generation Currency
leaped into a higher level which made it impossible to copy. The topic is relevant
especially that before I watched the webinar, I do not know the use of those designs and
now that I know the reason behind it, I have the responsibility to share it with others,
especially that today’s generation is quite skilled in deceiving people. Basic information
about the money should be known by each individual enable to secure their money,
savings, and future plans.
Knowledge is a powerful tool to survive the continuous change in the society. This
webinar made me realize that we should be creative and updated to the current trends
not only to create business but also to protect safe guard our money which have been the
source of all things. Involving ourselves to business, would require knowledge and
training. You should be focusing on satisfying your customer not your pockets. Being
guided with various perspective would help young entrepreneurs to become successful
in their chosen careers. Especially in dealing with frauds, instead of tolerating criminals
to be the beneficiary of the product of our hard work let them face the consequences of
their action by facing the bittersweet taste of justice.