The Bangko Sentral ng Pilipinas intends to upgrade financial literacy in the country by partnering with several groups over the medium term.
BSP Governor Benjamin Diokno said it is “crucial for Filipinos to understand the value of savings in banks and choosing prudent investment instruments.”
FinEd usually involves managing personal finance and knowledge on savings, insurance, real estate, payments, budgeting, retirement, tax planning, and the like.
He said the importance of FinEd was highlighted since the pandemic began because of the need to be “financially prepared for contingencies and external shocks.”
Because of the novel coronavirus disease pandemic, Diokno said, Filipinos are now more motivated to learn and eager to apply personal financial management principles, “such as prioritizing needs over wants, living below one’s means, looking for additional income streams, and saving regularly when they can.”