The Bangko Sentral ng Pilipinas (BSP) has forged strategic partnerships with nine government agencies on sustainable financial education programs that have the potential to reach more than 29 million Filipino adults and 29 million learners in the basic education system.
“Aside from enhancing individual financial wellbeing, a financially-literate citizenry supports financial stability and enhances inclusive economic growth. Thus, the BSP remains committed to the promotion of financial education,” according to BSP Governor Benjamin Diokno.
Under separate memoranda of agreement signed since 2018, the BSP is implementing financial education programs with the Armed Forces of the Philippines, Bureau of Fisheries and Aquatic Resources, Bureau of Fire Protection, Civil Service Commission, Department of Education, Department of Trade and Industry, Department of Social Welfare and Development, Overseas Workers Welfare Administration, and Philippine National Police.
When fully institutionalized, said programs have the potential multiplier effect to cover 29 million learners; 1.8 million civil servants, including more than 800,000 teachers; 388,000 policemen, firefighters and armed forces personnel; 14 million Filipinos living and working abroad; 1.9 million fisherfolk; 10 million beneficiaries of conditional or unconditional cash transfer programs; and 1.4 million micro, small and medium enterprises.
Given the combined networks, resources and competencies of these agencies, and with support from selected bank foundations such as BDO Foundation, BPI Foundation, Maybank Foundation and Visa Foundation, the financial education programs can be implemented in a scalable and sustainable manner.
The ultimate objective of these partnerships is for every Filipino to be financially healthy, with the resiliency to manage financial shocks, such as those brought by this pandemic.
“This pandemic is a most opportune ‘teachable moment.’ The ability to wisely manage incomes, no matter how small; adeptly manage credit; and build assets to prepare for the future are of paramount importance, during and beyond the pandemic,” explained Governor Diokno.
The BSP collaborates with partners in producing audience-specific modules and learning tools, and trains pools of trainers from partner-agencies to deliver the modules to their peers and constituents. The BSP also co-develops program-level monitoring and evaluation mechanisms to support its partners in measuring and monitoring progress.
The primary strategy of the partners is to equip their priority target audiences with knowledge and skills necessary for them to make prudent financial decisions.
Governing principles of the partnerships include objective compatibility, shared responsibility, clear terms of engagement key performance indicators and freedom from commercial or conflicting interests.
