BSP signs financial literacy MOA with TESDA, BDO Foundation; over 4M tech-voc learners to benefit

The Bangko Sentral ng Pilipinas (BSP) signed a memorandum of agreement (MOA) with the Technical Education and Skills Development Authority (TESDA) and BDO Foundation (BDOF) on the development of a free online course on personal finance. The agreement aims to boost the financial health of over four million learners of technical and vocational (tech-voc) skills.

The MOA was signed in March 2023 by BSP Governor Felipe M. Medalla, BSP Deputy Governor Bernadette Romulo-Puyat, TESDA Director General Danilo P. Cruz, TESDA Deputy Director General Rosanna A. Urdaneta, BDOF President Mario A. Deriquito and BDOF Trustees Lucy Co Dy and Lazaro Jerome C. Guevarra.

“The BSP recognizes the vital role of TVET learners whether they decide to pursue employment or entrepreneurship here or abroad. Through the FLC, we empower them to take charge of their own personal and financial growth. This ownership, in turn, empowers them to unlock better outcomes and opportunities for themselves, for their families, and for our economy,” said Governor Medalla.

“Sustainable public-private partnerships are instrumental in developing more financial education programs that are free, effective, accessible, interactive, and scalable. This greatly expands the reach of our financial inclusion efforts,” the Governor added.

“The 21^st-century workplace demands workers to demonstrate self-management and develop attitudes toward lifelong learning and career development. This enables them to make sound financial decisions toward the attainment of their life and career goals,” said TESDA Director General Cruz.

“This joint initiative forms part of our continuing contribution to the BSP’s financial inclusion advocacy,” said BDOF President Deriquito.

“Through this partnership, we hope to help enhance the economic well-being of our learners. Thank you, BSP and TESDA, for giving BDO Foundation this opportunity to take part in yet another project that will contribute to creating a financially inclusive future,” President Deriquito added.

The “Financial Literacy Course” (FLC) will be made available to technical-vocational education and training (TVET) learners and the general public via the TESDA Online Program (www.e-tesda.gov.ph) by 2024. It will be launched under the platform’s “Lifelong Learning Skills” courses. Topics covered in the FLC include financial planning, saving and budgeting, debt and investment management, digital financial literacy, and consumer protection.

The FLC is aligned with the objectives and priority initiatives under the BSP’s National Strategy for Financial Inclusion 2022-2028, which aims to promote financial education and consumer protection by strengthening the financial and digital literacy of underserved sectors.