BSP still implementing financial literacy program

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) continues to implement a financial literacy program for school children as part of the long-term campaign to help ensure the good future and economic development of the country, officials said yesterday.

Monetary Board member Ignacio Bunye said the BSP has earlier launched its Financial Education Program for School Children as a response to a disturbing survey a few years ago indicating that only less than five percent of Filipino youths regularly save money.

He also noted the alarming Citibank Financial Quotient Survey that showed Filipinos have a financial intelligence quotient of only 47.5, less than half the maximum score of 100.

“The main objective of BSP’s financial literacy program is to integrate lessons on money, money management, savings, and basic economics related to saving in the public elementary curriculum,” he said.

The BSP signed last June 23 a memorandum of agreement (MOA) with the Coordinating Council of Private Educational Institutions. Under the agreement, the BSP will provide COCOPEA with 1,300 pieces of compact disc copies of the teaching guides on financial education that will be distributed to its members as part of its Philanthropy and Corporate Responsibility Program.

The COCOPEA, chaired by Msgr. Gerardo Santos, is made up of five member associations and 1,300 private schools nationwide.

The MOA was preceded by a similar agreement between the BSP and the Department of Education (DepEd) in April 2007 to promote savings and money management in public elementary schools.

The MOA has enabled the BSP and the DepEd to develop teaching guides on financial education for integration in the curriculum of all public elementary schools for three subjects: Sibika at Kultura, Heograpiya, Kasaysayan at Sibika (SK; HEKASI), Edukasyong Pantahanan at Pangkabuhayan (EPP), and Edukasyong Pagpapakatao (EP).

The teaching guides have since been distributed to 37,000 public elementary schools nationwide.

According to Bunye, BSP Gov. Amando Tetangco Jr. said “well-informed and well-trained children would eventually grow up into financially responsible adults who would positively contribute to the development of the country’s economy.”

BSP Corporate Affairs Office Director Fe de la Cruz explained the drive toward an industrialized status for the Philippines could be achieved only if all sectors of society fully realize the important role of savings in the development process.

She reiterated the belief that saving as a habit can best be developed among schoolchildren.

Education Secretary Jesli Lapus earlier emphasized the need to instill among Filipino schoolchildren the values of pagkamasinop (frugality), pagkamatipid (thriftiness) and pagkaka-isa (unity), and to help them develop the habit of pag-iimpok (saving) and proper money management as a means to ensure their good future.

“At an early age, our schoolchildren should acquire the values of pagkamaabilidad (smart) or pagkamalikhain (creativity) and skills in pag-eentrepreneur (entrepreneurship) so they can be productive citizens of the country,” Bunye quoted Lapus as saying.