In contrast, the stock market is now offering double-digit yields. Data from the Philippine Stock Exchange show that the PSE index ended 2009 at 3,052.68 points, reflecting a gain of 63 percent from its level as of end-2008. The index measures the general trend in prices of shares of stocks traded on the stock market.
In simple words, the 63-percent increase in the index means that an investment of one peso on January 1, 2009 gained 63 centavos in value by the end of the year. No bank can offer even half that yield.
And that happened when the Philippine economy grew by just 1.1 percent, in terms of Gross Domestic Product (GDP) - the total value of goods and services produced by the country in 2009 - compared with 3.9 percent in 2008.
Economists say the stock market mirrors economic growth. During the first quarter of 2010, the Philippines's GDP grew by an unexpected 7.3 percent, the highest in three decades. To date, the PSEi has also gained 7.3 percent to 3,274 points.
The economy is expected to continue growing at a higher rate compared to last year, given the global economic recovery, the confidence created by the peaceful elections and, of course, the robust growth in remittances from overseas Filipinos.
The stock market will also continue to track economic growth, and will offer a high-yielding investment option.
Banks will continue to be the best place to save money - for routine expenses, future needs and for emergency obligations.
For those with extra funds that can be invested without affecting other financial obligations, the stock market may be a good place to go for attractive earnings.
Of course, nobody should go to the stock market with a blindfold. Learning the basics about stock market investing is the first step, and the Philippine Stock Exchange offers such education to the public, free of charge.
The Web also provides a lot of information for would-be stock market investors. Some stock brokerage firms conduct their own sessions for those interested in buying stocks: what stocks to buy, when to buy, and when to sell.
These information campaigns are erasing many misconceptions about the stock market - that it is only for the rich, or that it is very complicated - and developing public awareness about the benefits it offers.
The economic slowdown brought about by the global crisis that erupted in 2008 encouraged many Filipinos to put up their own small businesses and become entrepreneurs. Many of them, including those who lost their jobs when their employers shut down factories because of the slump in the export markets, are now happily running their own businesses.
But not all people with extra money have the time or the inclination to put up and operate their own businesses. They, too, want to make their money grow. For these people, the stock market may be the way to realize their goal.
