Bangko Sentral ng Pilipinas (File photo / Philippine Daily Inquirer)
MANILA – The Bangko Sentral ng Pilipinas (BSP) said it is working on online and innovative training platforms to further broaden financial education (fin-ed) and strengthen consumer protection.
In a statement on Tuesday, the BSP said it launched the first batch of the BSP-BDO Foundation (BDOF) fin-ed e-learning modules, covering financial planning, budgeting and saving, and debt management, at the Innovative Financial Education Programs at the central bank’s head office in Manila on Monday.
The central bank said it has also created the BSP E-Learning Academy (BELA), an online platform that provides e-learning courses on personal finance, economics, and central banking.
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BELA complements the BSP’s existing fin-ed programs that are delivered face-to-face and through other modalities.
The BSP said select stakeholders are testing BELA, which is expected to be fully accessible to the public by the second quarter of 2025.
During the launch, the central bank also signed fin-ed partnership agreements with the Department of Social Welfare and Development (DSWD), Department of Agriculture (DA), Credit Card Association of the Philippines (CCAP), BDOF, and BDO Unibank, Inc.
“Our initiatives are designed to help people safeguard credit cardholders from potential pitfalls, transform over 37,000 DSWD employees and 3,600 local social welfare officers into champions of financial literacy, and capacitate over 10.8 million Filipino farmers and fisherfolk through innovative educational tools,” BSP Deputy Governor Bernadette Romulo-Puyat said.
The BSP said the modules can be accessed through BELA and will soon be available on the e-learning platforms of the BSP’s institutional fin-ed partners.
Additional six courses being developed by the BSP-BDOF are the basics of investing, fraud and scams, financial consumer protection, digital financial literacy, Personal Equity Retirement Account, and relevant economic indicators.
These will also be made available through BELA and to BSP’s institutional partners.
The memorandum of agreement (MOA) signed with the DSWD and the BDOF formalizes their cooperation in designing and implementing a fin-ed program for DSWD employees and social welfare officers of local government units.
This will be part of the DSWD Academy’s regular training program.
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In his message of support, DSWD Secretary Gatchalian said the launch of the innovative financial education programs of the BSP would bridge the gap and break barriers to the lack of accessible learning resources.
“It is imperative to shift towards greater financial independence and literacy as we embark on inclusive financial services for the Filipino people,” he said.
The MOA signed by the BSP, DA, and BDOF, meanwhile, aims to consolidate fin-ed programs they developed for farmers and fisherfolk.
These include the games Fish N’ Learn, which simulates real-life events that influence the financial behavior of fishermen and their families, and KITA Mo Na! (Kapital at Ipon Tungo sa Asenso), which emphasizes agripreneurship and good credit standing.
The BSP and CCAP also signed a MOA to craft a credit card e-learning course and provide stakeholders with learning resources.
The course will also be accessible through BELA.
The BSP said these initiatives are in line with the National Strategy for Financial Inclusion 2022-2028, which aims to facilitate a well-coordinated, whole-of-nation undertaking to achieve inclusive growth and financial resilience for Filipinos.