Financial literacy in schools pushed

MANILA, Philippines - Aurora Rep. Edgardo Angara underscored yesterday the need to redirect the country’s educational thrusts so Filipinos would be wiser in handling their money and resources.

“Mostly, Filipinos grow up without knowledge on how to handle their resources. They know how to count their money, but rarely know how to make it grow,” Angara said.

The lawmaker authored House Bill 490 or the “Financial Literacy Act of 2012” that seeks to encourage the development of financial literacy programs in public and private educational institutions.

The bill aims to equip Filipinos with the knowledge to properly manage their finances and make informed financial decisions, he said.

He said the latest annual “Fin-Q Survey” by international financial services firm Citi, the “financial quotient” of Filipinos hit an all-time high of 52.6 points in 2011 as more people in the country have been engaging in savings, investments, and better credit management. 

Previous surveys have placed the country below the average for Asia and far behind other countries in ASEAN. The recent results mark the first time the Philippines surpassed the survey’s passing grade of 50, he said.