BSP Promotes Financial Literacy for Workers in Iloilo

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The Bangko Sentral ng Pilipinas (BSP) underscored the importance of financial literacy in helping Filipino workers achieve their life goals during a two-day financial learning session in Iloilo City from September 18 to 19, 2024.

The “Economic and Financial Learning Program (EFLP) Session for the Workforce” aimed to equip workers with the knowledge to make informed financial decisions. These include planning for major life expenses like home purchases, education, and retirement.

In a recorded message, BSP Deputy Governor Bernadette Romulo Puyat emphasized that financial learning “will be helpful in making better financial decisions, like buying a home, starting a business, saving for education, preparing for retirement, or building financial resilience.”

More than 200 attendees from the public and private sectors, micro, small, and medium enterprises (MSMEs), and agri-businesses participated in the event in person, while over 2,700 individuals joined online. The session focused on essential topics such as the economy, personal finance, investment strategies, and consumer protection in financial transactions.

The event was also part of BSP’s broader effort to address the low rate of investment ownership among Filipino adults. According to the 2021 BSP Financial Inclusion Survey, only 36% of Filipino adults own investment products, a number that the central bank is working to improve.

The program covered practical strategies for budgeting, saving, and debt management, and discussed key aspects of the Financial Products and Services Consumer Protection Act. This law aims to safeguard consumer rights and promote responsibility, with the BSP playing a critical role in protecting financial consumers.

Attendees also learned about the BSP’s core functions, including its responsibility to ensure price stability, maintain a robust financial system, and promote secure and efficient payment systems.

Insights into key economic indicators, such as the gross domestic product and inflation, were shared to help participants better understand the country’s economic health and make informed financial decisions.