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FINANCIAL LITERACY: The Experience of the Bangko Sentral ng Pilipinas

FINANCIAL LITERACY: The Experience of the Bangko Sentral ng Pilipinas. RBI-OECD Workshop on Financial Literacy: Challenges, Strategies and Instruments Bangalore, India 22 March 2010. Outline of the Presentation. Present state of financial literacy Advocacies and programs

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FINANCIAL LITERACY: The Experience of the Bangko Sentral ng Pilipinas

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  1. FINANCIAL LITERACY:The Experience of the Bangko Sentral ng Pilipinas RBI-OECD Workshop on Financial Literacy: Challenges, Strategies and Instruments Bangalore, India 22 March 2010

  2. Outline of the Presentation Present state of financial literacy Advocacies and programs The different players Challenges ahead

  3. Where are we now? • As much as 53% of Filipinos feel that they have “average” or “poor” overall level of understanding about money management and personal finances • Filipinos are generally pragmatic and appreciate the value of saving, but only 36% save regularly • On average, Filipinos say that their current savings would only last 9 weeks Source: Citi Fin-Q Survey, 11 Nation Comparison, September 2008

  4. Where are we now? • Only a third make a monthly budget and stick to it • Only 40% are able to pay off the entire outstanding balance of their credit cards every month • Financial protection and independence are dire needs that are set aside Source: Citi Fin-Q Survey, 11 Nation Comparison, September 2008

  5. What are we doing?

  6. School children • Integration of lessons in school curriculum • Lessons on money • Money management • Basic economics related to savings • Targets elementary school children • 12 million in public schools • 1.5 million in private schools

  7. Students inColleges and Universities • Exploratory talks to include financial planning as a 3-unit undergraduate subject • Financial education expo • Philippine financial system • Wise money management • Make money work for you • Financial Planning for life-cycle events • Credit card awareness sessions

  8. Working Sector • Financial education and consumer protection sessions • Financial education campaigns for Overseas Filipinos and their families • Public information campaigns on concepts and issues on the economy and BSP’s role in economic development

  9. Marginalized Sector • Clients – lectures and basic trainings about microfinance services, requirements and procedures, and micro-entrepreneurship • Stakeholders - enhance awareness on microfinance and increase their skills, capacity, understanding and appreciation of microfinance operations

  10. Other Initiatives and Collaborations • Website: Materials and Consumer Portal • Be a Wise Saver Campaign • Out-of school youths • Savings consciousness and banking stability in high schools • Financial Sector Forum - Consumer Protection and Education Committee • Microfinance Literacy Program

  11. BSP Departments/Offices Involved • Financial Consumer Affairs Group • Undertakes various initiatives to deliver financial education to consumers • Department of Economic Statistics • Conducts public information campaigns for Overseas Filipinos and their families • Economic and Financial Learning Center • Focal source of relevant information concerning economic and financial matters

  12. Other Public Sector Agencies • Department of Education • Commission on Higher Education • Financial Sector Forum • ConsumerNet • Philippine Microfinance Committee

  13. Private Sector • Coordinating Council of Private Educators Association • Associations of various financial institutions • Chamber of commerce, industry and professional associations

  14. Challenges Ahead • Integration of Financial Education Activities • Internal • National • National Survey • National Education Masterplan • Evaluation

  15. THANK YOU www.bsp.gov.ph Trunk Line: (632) 524-7011 FCAG: (632) 523-3631 EFLC: (632) 524-6781

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