BPI REVOLUTIONIZES FINANCIAL EDUCATION FOR FILIPINOS
IT IS known that access to financial education is far from universal in the Philippines. A survey by the Bangko Sentral ng Pilipinas highlighted the gravity of the issue, with only 1 percent of surveyed Filipino adults providing correct answers to financial literacy questions. This concerning statistic can be attributed to several factors, such as the daunting complexity of financial literacy and the absence of educational resources tailored to the needs of the typical Filipino household.
In 2023, the Bank of the Philippine Islands (BPI), through its social development arm, BPI Foundation, reaffirmed its dedication to transforming financial education in the Philippines. This commitment was exemplified through a strategic framework that advocates financial wellness by helping build self-reliant and sustainable families through financial education, enterprise development and livelihood, and financial inclusion.
On its 45th year, BPI Foundation unveiled the aspiration, “Kasama Lahat sa Pag-Unlad,” as it redefined itself as a pioneering force and catalyst for financial inclusivity.
BPI has been dedicated for years to uplifting and empowering underserved communities. Through BPI Foundation, the bank continuously pursues innovative ways to provide financial education through accessible channels to target sectors. At the core of this effort is the FinEd Unboxed program, which simplifies intricate financial concepts into practical, actionable steps, guiding individuals toward financial freedom.
“I started to invest a little amount for savings, na dati ay nauubos sa kagagastos. Ngayon ay uunahin na naming magtipid para sa aming kinabukasan at sa kinabukasan ng aming pamilya,” says Rome Cheng, a teacher at Wawang Pulo National High School in Valenzuela, who was also one of the participants at a FinEd Unboxed session designed for educators. Armed with newfound knowledge, Rome made the prudent choice of putting their hard-earned money to work.
The FinEd program also extends support to repatriated Overseas Filipino Workers (OFWs) and Migrant Domestic Workers (MDWs). In partnership with ASKI Global Limited, OFWs and MDWs received financial education training sessions.
“Natutunan ko how to budget my money, and how to manage my salary. As an OFW, hindi po kailangan ipadala lahat ng ating pera; kailangan din nating magsave for our retirement, for our future business,” shared Cristina De Jesus, a FinEd beneficiary in Singapore.
BPI also actively promotes financial inclusion by conducting specialized FinEd Unboxed sessions for beneficiaries of all the BPI Foundation programs. By weaving financial education into its livelihood programs, the bank empowers individuals and communities to take control of their finances, paving the path towards financial wellness.