BSP: Translation of banking terms to Filipino in progress

CEBU, Philippines – The plan to translate some banking terms into Filipino with the help of the Komisyon sa Wikang Filipino (KWF) is progressing, a Bangko Sentral ng Pilipinas official said.

"We have already identified some of the learning materials that may be translated into Filipino and eventually into other dialects," said Maria Farah Angka, deputy director at BSP's Economic and Financial Learning Center.

Angka noted the central bank really sees the need to make banking terms more understandable to ordinary Filipinos by using the local dialect. "We acknowledge the need for us to communicate with the public in dialect they are familiar with. It could facilitate learning and understanding," she said.

The official added BSP employees will be trained in coming up with financial learning materials. While there is no definite timeline for the plan yet, Angka said BSP is in continuous talks with KWF.

It was in August this year when BSP Deputy Governor Diwa Guinigundo revealed the BSP's plan to use the Filipino language in the banking sector to better communicate with people. Guinigundo had said BSP and KWF would soon sign an agreement on the plan.

Commenting on the plan, Cebu Bankers Club President Maximo Eleccion had said using the local dialect in bank transactions would allow more people to understand the "intimidating" banking terms and concepts. He said if bank terms are laymanized, banking would become more attractive to ordinary citizens.

Cebu bankers, the official said, would support the central bank's move.