BSP education programs eye financial literacy for 58M Filipinos
MANILA, Philippines—The Bangko Sentral ng Pilipinas’ (BSP) various financial education initiatives can potentially teach the basics of investing, proper use of credit and the management of income to 58 million citizens, according to the country’s chief monetary regulator.
At an online press briefing, BSP Governor Benjamin Diokno said the agency’s sustainable programs have the potential to reach more than 29 million Filipino adults and 29 million learners in the basic education system.
“Aside from enhancing individual financial wellbeing, a financially-literate citizenry supports financial stability and enhances inclusive economic growth,” he said. “Thus, the BSP remains committed to the promotion of financial education.”
Under separate memoranda of agreement signed since 2018, the BSP is implementing financial education programs in the Armed Forces of the Philippines, Bureau of Fisheries and Aquatic Resources, Bureau of Fire Protection, Civil Service Commission, Department of Education, Department of Trade and Industry, Department of Social Welfare and Development, Overseas Workers Welfare Administration and Philippine National Police.
When fully institutionalized, these programs have the potential multiplier effect to cover 1.8 million civil servants, including more than 800,000 teachers; 388,000 policemen, firefighters and armed forces personnel; 14 million Filipinos living and working abroad; 1.9 million fisherfolk; 10 million beneficiaries of conditional or unconditional cash transfer programs; and 1.4 million micro, small and medium enterprises.
Given the combined networks, resources and competencies of these agencies — and with support from selected bank foundations like BDO Foundation, BPI Foundation, Maybank Foundation and Visa Foundation—the financial education programs can be implemented in a scalable and sustainable manner.
The ultimate objective of these partnerships is for every Filipino to be financially healthy, with the resiliency to manage financial shocks, like those brought by the pandemic.
“This pandemic is a most opportune ‘teachable moment’,” Diokno said.
“The ability to wisely manage incomes, no matter how small; adeptly manage credit; and build assets to prepare for the future are of paramount importance, during and beyond the pandemic.,” he said.
The BSP collaborates with partners in producing audience-specific modules and learning tools, and trains pools of trainers from partner-agencies to deliver the modules to their peers and constituents.
It also co-develops program-level monitoring and evaluation mechanisms to support its partners in measuring and monitoring progress.
The primary strategy of BSP partners is to equip their priority target audiences with knowledge and skills necessary to make prudent financial decisions.
Governing principles of the partnerships included objective compatibility, shared responsibility, clear terms of engagement key performance indicators and freedom from commercial or conflicting interests.
