CEBU, Philippines - The Bank Marketing Association of the Philippines (BMAP) is targeting to hit 1 million savings accounts of school- children to be opened by year’s end, its top official said.
BMAP President Miguel Angelo C. Villa-Real said the target, given by Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr., is for the BMAP's "Kiddie Account Program" with the central bank and 12 major universal, commercial and thrift banks.
The program, which started in 2011, aims to encourage the habit of saving among Filipino school children.
In an interview Tuesday, Villa-Real disclosed that currently, around 600,000 kiddie savings accounts nationwide have already been opened since the program started. Close to 50 percent of the accounts come from Luzon while the rest comes Visayas and Mindanao, he said.
The challenge is to promote the program to more areas and reach out to more children, he added.
The program allows school children aged 18 and below to open accounts with an initial deposit of P100 or less. It will hopefully improve the country's low savings rate and teach Filipino children to learn to save at an early age.
"Under the MOA (memorandum of agreement) of BSP and BMAP, banks can go to schools and accept deposits [with the approval from BSP]," said Villa-Real,
Its partner banks include BDO, BPI, DBP, China Bank Savings, Security Bank, RCBC Savings, PNB, Veterans Bank, Philippine Savings Bank, Allied Bank, East West Bank and Maybank.
Meanwhile, the BSP is conducting the fifth leg of its Economic and Financial Learning Program in Cebu City from October 5 to 9. The EFLP is a series of learning sessions that aim to raise public awareness on key economic and financial issues.
"The EFLP also embodies the goal of the BSP to promote economic and financial education among its stakeholders," BSP-Cebu Director Leonides Sumbi said in a press conference. — Carlo S. Lorenciana (FREEMAN)