The Philippines is among the less financially literate countries in the world. A survey by Standard & Poor (S&P) found that only a quarter of Filipino adults are financially literate. This global survey underscores the obstacles Filipinos face in improving access to financial services. The good news is that the government has been taking steps to promote financial inclusion. An article by The Philippine Star revealed that the Bangko Sentral ng Pilipinas (BSP), the Department of Education (DepEd), and BDO Foundation started the regional launch of a Financial Literacy Program for Schools, which is made especially for teachers, learners, and the non-teaching staff of DepEd.

1. BSP, DepEd, BDO Foundation
Deploy Program to Boost
Financial Literacy Among
Filipinos
Money Wise

2. The Philippines is among the less financially literate countries in the world. A survey by Standard &
Poor (S&P) found that only a quarter of Filipino adults are financially literate. This global survey
underscores the obstacles Filipinos face in improving access to financial services.
The good news is that the government has been taking steps to promote financial inclusion. An article
by The Philippine Star revealed that the Bangko Sentral ng Pilipinas (BSP), the Department of
Education (DepEd), and BDO Foundation started the regional launch of a Financial Literacy Program
for Schools, which is made especially for teachers, learners, and the non-teaching staff of DepEd.
An Overview of the Program
This program is the flagship corporate citizenship initiative of the BDO Foundation. It will support the
efforts of DepEd to bolster financial education in its K-12 training programs and curriculum for both
non-teaching and teaching personnel. On top of that, it will contribute to the pillar on Consumer
Protection and Financial Protection of BSP’s National Strategy for Financial Inclusion.
The program features educational videos designed to make lessons about personal finance and savings
compelling and engaging for students, teachers, and non-teaching staff. It also includes lesson plans
and discussion guides developed by the master teachers of DepEd.

3. Why Should You Be Financially Literate
According to an article by eCompare Mo, financial literacy is important, so that people can provide for
themselves and their loved ones. When individuals are financially literate, they know how to maximize
their monthly salary and make ends meet without getting into debt.
Additionally, financial literacy helps protect people from swindlers. Filipinos who are financially
illiterate could fall prey to schemes that guarantee huge returns in a short span of time.
The recent discovery of nearly a billion pesos in fraudulent Bitcoin investments is a good example of
this scheme. On April 4, 2018, the Philippine National Police (PNP) arrested Leonady and Arnel Ordonio
following complaints from investors that the spouses had swindled them into investing in Bitcoin, a
decentralized digital currency. The investment promised an ROI in just one month.
Investors filed a complaint when they noticed that their returns have stopped coming in their bank
accounts. Rotskie Bautista, a victim of the scam, believes that he and his investment group will no
longer be able to recover their funds.
Senator Sonny Angara highlighted the need to boost Filipinos' financial knowledge. This equips citizens
with skills necessary to protect themselves against opportunistic scammers.
BSP, BDO Foundation, and DepEd expect the program to benefit as many as 24 million students and
700,000 teachers in over 47,000 public schools nationwide.

4. SOURCES:
https://moneywise.com.ph/
https://www.manilatimes.net/only-25-of-filipinos-financially-literate-sp/232428/
https://gflec.org/wp-content/uploads/2015/11/3313-Finlit_Report_FINAL-5.11.16.pdf?x37611
https://news.abs-cbn.com/news/04/06/18/couple-arrested-for-alleged-bitcoin-investment-scam
https://www.philstar.com/other-sections/education-and-home/2018/11/01/1864840/bdo-deped-
bsp-deploy-financial-literacy-program
http://www.pna.gov.ph/articles/1031694