Philippine Central Bank Hikes Investment in Financial Education

The Philippine Central Bank (Bangko Sentral ng Pilipinas/BSP) is increasing investments in initiatives that will fill education gaps in the country, according to Nestor Espenilla Jr., central bank governor, on the launch of Financial Literacy Program for School on Monday.

The financial literacy program was made possible by BDO (Banco De Oro) Foundation, with the help of the country’s Department of Education, and the central bank itself.

Espenilla said, “Financial education has been our flagship advocacy since 2010. Now we are actually increasing our investments in this kind of advocacy by putting in more resources to promote financial learning, education, and literacy as part of what we do as a central monetary authority.”

“These suggest substantial gaps in financial education but they also highlight clear areas of opportunity that we are trying to move forward with today in this initiative.”

He added that that there are so much more needed to be done in terms of financial education, citing a World Bank report that Filipino adults on average could only answer three out of seven financial literacy questions.

The study also showed that many Filipinos lack knowledge on making critical financial decisions with respect to savings and borrowings.

Financial Literacy Program

education in the Philippines

“What we are doing today is planting the seed of becoming financially safe down the road. All of these good habits begin as a child,” Espenilla said. “The BSP believes that instilling financial management skills in children will provide the most impact. The younger, the better.”

The program aims to share lessons on financial literacy and responsibility to teachers, non-teaching personnel, and learners. It also intends to reach those of the people on the underserved sectors of the country.

24 million students and 700,000 teachers are the expected numbers the program would reach..

The education department has committed to use the videos in classroom instruction with the help of Teacher Induction Program; learning action cells and regular training & development programs for both teaching and non-teaching personnel.

Private schools and other institutions will eventually gain access to the program. However, the Department of Education is yet to give a timeline on the possible access dates.

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