NEDA inks MOA on financial education program for college students with key agencies

The National Economic and Development Authority (NEDA) signed a multi-party Memorandum of Agreement (MOA) on June 8, 2023 to establish the Personal Finance 101: “My Peso and I” curriculum as a 3-unit elective course  for selected higher education institutions (HEIs) nationwide.

The aim of this agreement is to institutionalize the curriculum and make it available to students across the country.

NEDA is partnering with several organizations, including the Bangko Sentral ng Pilipinas (BSP), Commission on Higher Education (CHED), BPI Foundation Inc. (BPIF), and members of the Financial Sector Forum (FSF), such as the Insurance Commission, Philippine Deposit Insurance Commission, and Securities and Exchange Commission.

Personal Finance 101 is a curriculum that aims to provide college students with fundamental knowledge and skills necessary to achieve financial independence. Students will learn the basics of financial planning tools and techniques, as well as develop analytical skills to make crucial financial decisions regarding savings, credit, investments, insurance, and retirement planning.

“We commend this initiative that supports Chapter 11 of the Philippine Development Plan 2023-2028, on promoting an inclusive, innovative, and healthy financial sector. Financial literacy has been identified as a major strategy to broaden and deepen financial inclusion,” stated NEDA Undersecretary for Policy and Planning Rosemarie G. Edillon, during the ceremonial signing.

Under their respective charters, mandates, and advocacies, NEDA will consistently support the integration of Personal Finance 101 in HEIs. NEDA will also provide guidance in the development of course modules and other deliverables in all phases to ensure the successful implementation of this initiative.

As the lead agency in promoting and implementing Republic Act No. 10922, also known as the Economic and Financial Literacy Act of 2016, NEDA advocates for improved education and lifelong learning, including a strong foundation in financial education as outlined in the Philippine Development Plan 2023-2028.