Financial literacy included in basic education

MANILA, Philippines -  The Department of Education (DepEd) has formed a technical working group to institutionalize financial literacy in the basic education curriculum.

Education Secretary Leonor Briones appointed Undersecretary for Curriculum and Instruction Dina Ocampo as head of the group, which will formulate the policy for the inclusion of financial education, consumer protection and entrepreneurship in elementary and high school subjects.

The inclusion of financial literacy in the basic education curriculum aims to make the learners understand the value of money; understand ways on how money is acquired; plan, manage, save and share money and resources; and apply classroom lessons through financial inclusion mechanisms.

The technical working group is also tasked to establish delivery mechanisms by developing financial literacy curriculum competencies, development of financial literacy materials and learning resources, designing of capability building programs, and establishment of financial inclusion mechanisms in schools.

DepEd has previously entered into an agreement with the Bangko Sentral ng Pilipinas to develop learner-friendly financial education initiatives.

“This is in line with the National Strategy for Financial Inclusions, specifically the pillar of financial education and consumer protection, launched by the government and the private sector,” the secretary said.

“The department has also established a partnership with various financial institutions and agencies, such as the National Confederation of Cooperatives and Aflatoun International, to promote financial literacy from Kinder to Grade 12,” she added.

Earlier, DepEd said financial education will be integrated into the K-12 subjects that teach the related competencies, such as Edukasyong Pantahanan At Pangkabuhayan and Technology and Livelihood Education.