The inflation rate in the Philippines has risen to it’s highest level in 2 years. Inflation rate or consumer prices rose to 2.6 year-on-year in December 2016. This was the highest rate since December 2014.
The main contributors to the rising inflation rate are the faster increase in prices of food and non-alcoholic beverages (3.6 percent from +3.23 percent in a month earlier) and transport (+1.9 percent from +0.5 percent). Full article here.
With a 2.6 inflation rate to beat, you can’t rely on saving your money in the bank. As of today, the highest interest rate for a savings account I found is at 1.7% per annum, less 20% withholding tax. Just a quick look and you can see that you won’t be able to cope up with the country’s inflation rate if you merely keep your money in the bank.
As a long time member of the Truly Rich Club, I have experienced consistent growth of my stock investments, earning an average of 10-15%. As long as you invest regularly with fixed amounts, you will definitely take advantage of the strategic averaging method the the Truly Rich Club follows.
Beat the country’s inflation by investing in stocks!