Pact on financial literacy education signed: report
MANILA -- To make military personnel financially literate, the Armed Forces of the Philippines, Bangko Sentral ng Pilipinas (BSP) and the BDO Foundation, Inc. (BDOF), on Tuesday signed a Memorandum of Agreement (MOA) to provide AFP personnel with financial education and training.
The MOA, which was signed at the Commissioned Officers Club in Camp Aguinaldo, Quezon City, will increase the AFP’s capability to educate its personnel in financial management, including planning, saving, budgeting, and debt servicing, among others.
“It will also increase awareness in scam prevention, arming each AFP personnel with practical knowledge they can use in protecting their assets and growing their investments,” said AFP Chiefof-Staff General Benjamin Madrigal Jr, who was represented by AFP Inspector General, Lt. Gen. Antonio Ramon Lim during the signing.
Lim was joined by BSP Governor Benjamin Diokno; and BDOF President Mario Deriquito and Treasurer/Trustee Lucy Co Dy in the ceremony.
“We commend the AFP leadership for committing to enhance the holistic wellbeing of our peacemakers with the inclusion of financial health in the personal scorecards or charters of AFP personnel alongside professional development and physical wellness,” Diokno said, stressing that financial health is one of the cornerstones of an effective workforce.
The MOA mandates the launching of the Financial Education Program in partnership with the BSP and the BDOF.
The program calls for the creation of a Technical Working Group, composed of different representatives from the parties, which will conceptualize and agree on the specific activities and timelines of the joint endeavor that will increase the AFP personnel’s financial independence and security.
It will also develop learning tools, discussion guides, and training kits that will be used as instructional materials in the training programs for the AFP Personnel.
These will be developed based on existing materials used by the BSP and the BDOF.