Two weeks ago, I called Bank of the Philippine Island- New York where I opened my BPI account a year or so ago. I was asking if they could assist me in opening a Unit Trust Investment Fund (UITF) coz, according to the application form, a bank officer needs to sign prior to sending to their Makati branch. Guess what the woman I talked to told me?...... "Ano 'yon?" I was shocked. UITF is a basic kind of investment and a banker doesn't know what I'm talking about? How can financial literacy reach millions of Filipinos? Even the people who works in the bank doesn't know what UITF is!
I wanted to put a part of my emergency fund in a UITF but I guess it won't be possible.