BSP going full blast on financial education for fishermen, firemen, cops

MANILA, Philippines—The Bangko Sentral ng Pilipinas (BSP) is escalating its financial education campaign through programs that are especially suited to the needs of fishermen, firefighters and policemen.

On Thursday (Feb. 4), BSP Governor Benjamin Diokno said the agency is implementing these programs under separate agreements in 2020 with the Department of Agriculture’s Bureau of Fisheries and Aquatic Resources (BFAR), the Bureau of Fire Protection (BFP) and the Philippine National Police (PNP).

“Once fully implemented, these programs have the potential to reach approximately 1.9 million fisherfolk nationwide as well as 28,000 BFP and 220,000 PNP personnel,” he said at an online press briefing.

“These partnerships aim to combat the vicious cycle of poverty among low-income households such as those in fishing communities,” Diokno said. The programs would also “promote healthy financial habits among public servants such as uniformed and civilian personnel of the BFP and PNP,” he added.

The central bank will roll out the financial education programs with partners through national and regional capacity-building sessions in the next three years.

It is developing financial education modules with BFAR, BFP and PNP with support from private sector partners like BDO Foundation and United States Agency for International Development.

Topics cover financial planning, saving and budgeting, debt management, investing and generating supplementary income sources, as well as financial consumer protection.

The BSP is building on its ongoing financial education partnerships with government agencies that support the Financial Education and Consumer Protection pillar of the National Strategy for Financial Inclusion.

These included the Armed Forces of the Philippines, Civil Service Commission, Department of Education, Department of Social Welfare and Development, Department of Trade and Industry, and the Overseas Workers Welfare Administration.

Diokno said that enhancing financial literacy will bolster Filipinos’ capacity in bouncing back from the adverse financial impact of the pandemic.

“From an inclusive growth perspective, this will also heighten the people’s ability to contribute to the country’s development objectives,” he said.

TSB