Financial wellness for all

MANILA, Philippines - Financial wellness may be defined as the balance between having a healthy state of wellbeing today while preparing financially for tomorrow.  With the right spending and saving habits and money-management skills, it may be achieved by anyone regardless of income level. 

However, financial wellness is a state that a great majority of the population has yet to achieve.  Many Filipinos still do not have cash on hand for emergencies and tend to tide themselves over by borrowing from informal sources.  In fact, a study of the Bangko Sentral ng Pilipinas revealed that only 20 percent of Filipino households have bank accounts.  Those who do not have bank accounts claim that they do not have sufficient funds and the capability to manage their finances; hence, they remain unbanked.  This is compounded by the fact that not everyone has access to convenient and affordable financial services within their locations.   

Support is needed to improve the financial literacy of this underserved segment.  Some of them are people close to us — your household help, your manong guard at the office, your friendly neighborhood beautician, your suki at the market. One way of helping them move a step closer towards financial wellness is advising them to open a bank account.

While they may be intimidated by the prospect of shelling out money for the initial deposit and maintaining the required account balance, you can share the good news that there is a bank that caters to their needs: BPI Globe BanKO.

BanKO is the country’s first mobile phone-based savings bank.  It is a product of a milestone collaboration that harnesses the financial expertise of the Bank of the Philippine Islands (BPI); the mobile technology strength of Globe Telecom; and Ayala Corporation’s thrust for sustainable development.

Departing from the traditional “brick-and-mortar” branch banking model, BanKO delivers financial services through a network of 2,000 partner outlets nationwide such as Tambunting Pawnshop, CVM Pawnshop and Prime Asia Pawnshop, Generika drugstores, Czarina Foreign Exchange, and many more.  Accountholders are also able to cash-in and cash-out at over 7,000 GCash outlets.

BanKO lends its hand to the underserved Filipino by being their kaagapay in managing finances.  It simplifies the standard bank account application process to enable more Filipinos to start saving formally.  There are only three requirements to apply for a BanKO PondoKO account: one valid ID and its photocopy (barangay certificates are accepted), P100 (P50 for the ATM card and P50 for the initial cash-in) and a Globe or a TM SIM.  Applicants only need to submit the requirements to a BanKO partner outlet, accomplish the application form and register using their mobile phones.   

PondoKO is a savings account with no minimum daily balance required. Customers are able to cash-in as low as P50.

Deposits reaching P2,000 ADB (average daily balance) will earn 3 percent interest per annum.

The savings account is equipped with an ATM card so funds can be withdrawn from any ATM nationwide.  The BanKO ATM card may also be used as payment for purchases made in all BancNet accredited merchants.

PondoKO accountholders are able to perform the following transactions using their mobile phones:

BuyLoad: purchase Globe or TM airtime load at a discounted rate

PayBills: mobile bills payment to utility companies

SendMoney: transfer funds another BanKO or GCash account

BuyInsurance: purchase micro-insurance with protection against damage to property or accidental death

PondoKO savings accountholders are able to receive remittances from overseas, which may be cashed out at BanKO partner outlets or withdrawn at ATMs.

Deposits are insured by PDIC up to P500,000 per depositor.

For more information on BanKO, call 754-9980. The head office is located at 4/F BanKO Center, Ortigas Avenue, North Greenhills, San Juan, or visit www.banko.com.ph.