Iloilo City market vendors complete financial literacy program

Two hundred market vendors in Iloilo City recently completed a comprehensive financial literacy program organized by BDO Foundation in collaboration with the Iloilo City Local Government Unit (LGU).

The program originated from a request by the Iloilo City government to the BDO Foundation to create a tailored financial education training for the city’s market vendors.

The Uswag Negosyo Academy (UNA), the training arm under the LGU’s Local Economic Development and Investment Promotion (LEDIP) Office, also played a significant role in this initiative.

UNA focuses on the growth and development of local micro, small, and medium enterprises (MSMEs) within the city.

The financial literacy program was structured into two main modules. The first module covered the basics of financial management, including budgeting, saving, financial planning, and debt management.

The second module featured a modified version of the “Fish N’ Learn” approach—a financial education game originally designed for fisherfolk—adapted to suit the market vendors’ needs. This module delved into more advanced topics such as investing in business, micro insurance, and fraud prevention.

BDO Foundation President Mario A. Deriquito expressed his satisfaction with the outcome, saying, “There were 200 market vendors who displayed dedication and commitment to enhancing their financial knowledge. This program reflects our dedication to empowering local communities and advancing financial inclusion throughout the Philippines.”

He added that the foundation also trained LGU trainers to ensure the program’s sustainability and its continued impact on more market vendors across the city.

Iloilo City Mayor Jerry P. Trenas commended the initiative, noting the significant positive impact on the community.

“This partnership with BDO Foundation has provided our market vendors with valuable skills to help them grow their businesses and improve their quality of life. We look forward to continuing this fruitful collaboration,” he said.

One of the program graduates shared her experience, saying, “Malaking tulong sa aming mga vendors ang programang ito. Natuto kami kung paano alagaan at palaguin ang kita at ipon para sa aming kinabukasan. Pasalamat kami sa BDO Foundation at sa aming LGU sa pagkakataong ito.” (“This program has been a big help to us market vendors. We learned how to care for and grow our income and save for our future. We are grateful to BDO Foundation and our LGU for this opportunity.”)

To further support the market vendors, each participant received a cash incentive of Php 5,000 as additional business capital. These funds were deposited into newly opened accounts with BDO Network Bank, helping the vendors actively manage their finances and access banking services.

Deriquito emphasized the importance of financial literacy in sustainable poverty alleviation.

“Communities may receive grants or employment opportunities, but they need to know how to manage and grow their finances to sustain their needs. While profiting from their businesses, small business owners also need to manage their finances to continue running and growing their enterprises,” he said.

In partnership with Bangko Sentral ng Pilipinas and other collaborators, BDO Foundation continues to develop and distribute financial education materials tailored to various sectors across the country. These resources are made available to LGUs and other organizations to improve financial literacy within their respective communities.