Phl financial education update
Last week, Bangko Sentral ng Pilipinas (BSP) signed a memorandum of agreement with BDO Foundation (BDOF) and Department of Education (DepEd) to provide financial education through specially developed teaching tools to as many as 700,000 teachers and 24 million students in more than 47,000 public schools nationwide.
The MOA covers the development of videos as teaching tools on basic financial literacy concepts, like saving and money management, in public schools.
The videos, which will be distributed through different platforms, are designed for learners as well as educators, will come with teaching guides to strengthen the DepEd’s program on financial education in the K to 12 curriculum.
The partnership is being forged under the National Strategy for Financial Inclusion (NSFI), particularly the
pillar on Financial Education and Consumer Protection (FECP).The NSFI provides a platform for the private sector to support the government’s work in enhancing the financial literacy of Filipinos through financial education.
Also, financial literacy has already been integrated in several subjects under the basic education system, with financial and entrepreneurial concepts included in the curricula of both elementary and secondary students in the Technology and Livelihood Education and “Edukasyong Pangkabuhayan at Pantahanan” subjects.
To me, this is great news as these concepts were definitely not taught during my time as an elementary or high school student. My financial know-how was based from what I observed from my parents and extended families as well as my own effort to learn on my own.
But with today’s available technologies and the internet, we have more access and options to find these sort of information already even advanced topics related to personal finance. I get that governments penchant to “formalize” and have line-items for spending things like DVDs, USBs, learning materials and Learning Resource Materials Development System (LRMDS) even in this internet era.
Note: I also recognize that not all public schools are ‘connected’
Although this is a good start to institutionalization but I still feel that this needs more subjects beyond “simple” savings and money management. Do not underestimate the capacity of the youth to consume more information today.
Aside from entertainment, sports and escapism, people
are also learning a lot in social media sites such as Facebook and YouTube which good be just experience sharing or specific skills such as video/photo editing and yes even financial management.
Savings data
Bank deposits held by Cebu banks stood at Php486.44 billion by end of 2017, based on latest data from the Philippine Deposit Insurance Corp. These PDIC figures are industry statistics which are derived from regular financial reports banks are required to submit to the PDIC.
The simple savings and money management taught at home has done its job well based on those figures, but now, I believe we need to step it up further and introduce topics such as investing in the stock market, bonds, pooled funds and perhaps even a history of money/investing so we are more knowledgeable in identifying scams.
This will be to the government’s advantage if they taught simple ways to report and file taxes. If you want to establish this as a habit, then why not start them young? Heck, they can even talk about all the government investment instruments such as retail treasury bonds and even those saving-and-investing programs under SSS, PagIBIG and let’s also include the PERA Law.
Let’s move beyond just financial literacy and create an institutionalized financial education program.
See the official announcement from DepEd site:http:/ /www.deped.gov.ph/press-releases/deped-ties-bsp-bdostrengthen-financial-literacy-schools
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The writer wears many hats: RFP®–Registered Financial Planner | Licensed Real Estate Broker | Content Creatorwww.vernongo.com