BSP, partners broaden FinEd reach to agri workers, college students, OFWs

The Bangko Sentral ng Pilipinas (BSP) and its partner organizations launched new financial educational programs for agricultural workers, college students and overseas Filipino workers (OFWs) at ceremonies held 8 June 2023 at the BSP Manila head office.

These initiatives were developed by the BSP in cooperation with various partner organizations to broaden and deepen the reach of financial education (FinEd) to millions of Filipinos.

BSP Governor Felipe M. Medalla said a whole-of-nation approach to FinEd “empowers individuals to make informed decisions about their financial well-being, leading to greater financial stability and resilience for our entire economy.”

Also in attendance were Department of Migrant Workers (DMW) Secretary Susana V. Ople, National Economic and Development Authority (NEDA) Undersecretary Rosemarie G. Edillon, Insurance Commissioner Reynaldo A. Regalado, Agricultural Credit Policy Council (ACPC) Executive Director Jocelyn Alma R. Badiola, Commission on Higher Education (CHED) Director Cherrie Melanie Ancheta-Diego, BDO Foundation (BDOF) President Mario A. Deriquito, and BPI Foundation (BPIF) Executive Director Owen L. Cammayo.

In her opening remarks, BSP Deputy Governor Bernadette Romulo-Puyat thanked the central bank’s partners from the public and private sectors for their “commitment to establishing a financially healthy and economically empowered Filipino citizenry.”

The BSP worked with ACPC and BDOF to design an interactive game that reinforces positive money habits by simulating real-life events and financial decision points for small farmers, fisherfolk, livestock, and poultry raisers, as well as their families.

It also highlights the importance of formal financial services, bank account ownership, microcredit, and microinsurance. The game, developed under a memorandum of agreement signed in April 2022, is called Kapital at Ipon Tungo sa Asenso or KITA Mo Na!. Data from the Philippine Statistics Authority indicates there are over 10 million agricultural workers in the country.

The BSP also aims to boost the financial decision-making skills of college students before they join the workforce by developing the elective subject “Personal Finance 101.” This is a joint project of the BSP with CHED, NEDA, Insurance Commission (IC), Philippine Deposit Insurance Corporation (PDIC), Securities and Exchange Commission (SEC), and BPIF. There were about 4.4 million college students from 2021 to 2022, according to CHED^[1].

The BSP is likewise targeting the financial literacy of 1.8 million OFWs^[2] and their families through a redesigned Pinansyal na Talino at Kaalaman or PiTaKa program, which aims to teach them how to save, manage their savings, get out of debt, and make prudent investments to achieve financial stability.

The program recognizes the temporary nature of overseas employment and encourages families of OFWs to support their loved ones abroad by spending remittances prudently, limiting liabilities, and growing family income.

Under the PiTaKa program, the BSP with the Department of Migrant Workers and BDOF will deliver customized multimedia materials and training modules through “Post-Arrival Orientation Seminars” for OFWs abroad and learning sessions for OFWs and their families based in the Philippines.

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^[1] As of 2023 data, over 4.4million students are enrolled in higher education institutions nationwide.

^[2] 2021 Overseas Filipino Workers Survey Results: https://psa.gov.ph/statistics/survey/labor-and-employment/survey-overseas-filipinos.