BSP slates outreach program in Bohol

CEBU, Philippines -The Bangko Sentral ng Pilipinas is set to conduct the sixth leg of its Economic and Financial Learning Program (EFLP) for 2016 in Tagbilaran City, Bohol on December 6-8.

The EFLP consolidates the central bank's learning outreach activities under one flagship program.

It includes a series of learning sessions that aim to promote greater public awareness and understanding on key economic and financial issues.

The EFLP also embodies the goal of the BSP to promote economic and financial education among its stakeholders, who are deemed effective partners in safeguarding price stability and in ensuring a stronger and safer banking and payments system.

The programs to be conducted in MetroCentre Hotel and Convention Center in Tagbilaran City include: “Be up to SPeed on BSP,” Information Campaign on the Role of the BSP in the Economy on December 6 and December 7; “Know Your Money” briefing (module for cash handlers) on December 7; and “Paghahanda sa Kinabukasan,” financial learning campaign for overseas Filipino workers (OFWs) and their beneficiaries on December 8.

The “Be up to SPeed on BSP” information campaign will cover recent economic developments and the role of the BSP in the economy, with emphasis on the three pillars of central banking namely price stability, financial stability, and efficient payments and settlements system.

The “Paghahanda sa Kinabukasan” financial learning campaign for OFWs and their Beneficiaries aims to educate participants on the importance of using remittances to build up savings and directing these into investments in financial products and business ventures.

Through this learning advocacy, the central bank hopes to help OFWs and their beneficiaries achieve financial security, bring them into the fold of the formal financial system, and enable them to participate more meaningfully in the country’s economic development.

Officials from the BSP, as well as from the Department of Trade and Industry (DTI), will give briefings on topics such as financial planning, investment, and business opportunities.

The “Know Your Money” briefing aims to educate cash handlers from transport groups, cooperatives, supermarkets and retail stores on the proper identification and handling of unfit, mutilated, and counterfeit banknotes and coins.

Topics to be covered include the New Design Series (NDS) banknotes demonetization; security features of the New Generation Currency (NGC) banknotes; relevant provisions of the BSP Clean Note and Coin Policy; and Coin Recirculation Program.

The BSP recognizes the vital role of cash handlers in the preservation of the integrity of Philippine banknotes and coins.

Financialinclusion

The BSP defines the country's financial inclusion agenda around a three-pronged framework: access to financial products and services; financial education and literacy; and financial consumer protection.

According to a BSP survey, 4 out of 10 Filipinos saved money in 2015 (up from 2 out of 10 in 2009). Among Filipino adults, 24.5 percent never saved and only 31.3 percent (up from 26.6 percent) have an account at a formal financial institution. The lack of enough money was cited as the main reason for not having a bank account.

Based on the Financial Education in Asia 2015 report of the Asian Development Bank (ADB), the Philippines is still in the process of finalizing its national strategy for financial education.

And that the country's financial inclusion strategy should give greater weight to financial education. (FREEMAN)