When COVID-19 virus started to spread in the Philippines, those who got infected were caught unprepared for the cost of treatment because they do not have an emergency fund. What is emergency fund and why is it important to have one?

An emergency fund is the money set aside for future use, especially during emergencies. It is often called “contingency fund” in which the total amount is equivalent to three to 12 months’ worth of living expenses.

According to some financial experts, emergency fund is necessary to ensure easy access to cash during emergency situations like the COVID-19 pandemic.

Having an emergency fund will keep one away from the stress of pooling the needed money when confronted with unforeseen events like having a sick family member, loss of job or loss of property due to disasters and calamities.

Guide in building emergency fund

In an interview with Albert O. Quiogue, first vice president ng BDO Network Bank (BDONB), he stressed the importance of saving. “You must start saving now. Learn how to budget your income. Before starting a business, research first the industry you want to pursue.”

BDONB, the community bank ng BDO Unibank, aims to teach the importance of saving and building emergency funds to ensure you have enough funds in the event of an emergency. You may start by having an account in your trusted bank. The money saved can earn an interest by keeping a saving of more than Php 500 pesos.

To open a BDONB Kabayan Savings Account, one has to prepare only 1 valid I.D., Php 100 as an initial deposit and submit requirements to the nearest BDONB branch in your community.

For those interested to have an ATM card, add Php 100 and one can now withdraw money from BDO and BDONB ATMs nationwide and at Cash Agad partner agents.

To learn more about the products and services of  BDONB, visit their official website, www.bdonetworkbank.com.ph or their official Facebook page  https://www.facebook.com/BDONetworkBankPH.