The Bangko Sentral ng Pilipinas (BSP) announced a landmark partnership with the Microfinance Council of the Philippines, Inc. (MCPI) and the Rural Bankers Association of the Philippines, Inc. (RBAP) to significantly expand financial education programs for low-income families across the nation.
The initiative, launched on Thursday at the BSP head office in Manila, underscores a commitment to broadening public engagement in financial literacy. BSP Governor Eli M. Remolona, Jr., highlighted the shift in focus, stating, “Traditionally, central banks have prioritized communication with markets, but broader public engagement is just as essential.” He emphasized that financial education is key to helping people better understand policies and make informed financial decisions.
Deputy Governor Bernadette Romulo-Puyat reinforced this vision, stressing the goal of integrating financial education into daily life. “Whether you’re a microentrepreneur managing a business, a rural banker advising a farmer, or a learner gaining new skills, financial literacy should be useful, relatable, and rooted in real-life decisions.”
MCPI Chairperson Gilbert Maramba spoke to the direct benefits for microfinance institutions (MFIs) and their clients. “Microfinance institutions with good financial education tend to be able to serve their clients better. Their clients can increase their income faster, and therefore, we will be able to achieve our vision and mission of helping the poor faster.”
RBAP President Jose Paolo Palileo echoed this sentiment, focusing on the impact in rural communities. “Through this training program, we see an opportunity not only to sharpen the financial literacy of our rural bank personnel, but also to cascade these learnings to our clients.”
The partnership will leverage the combined expertise of the BSP, MCPI, and RBAP to train MFIs and rural bankers, equipping them to conduct effective financial learning sessions. MCPI, a robust network of MFIs, supports entrepreneurs with accessible financial services, while RBAP, a national association, provides crucial credit to farmers, fishermen, cooperatives, and merchants in rural areas.
In addition to this collaborative effort, the BSP has rolled out new financial education modules, co-developed with BDO Foundation. These comprehensive modules cover vital topics including investment, fraud and scam prevention, financial consumer protection, digital financial literacy, the Personal Equity and Retirement Account (PERA), and the BSP’s role in the economy.
These resources are readily available through the BSP E-Learning Academy (BELA) and the Technical Education and Skills Development Authority (TESDA) e-learning platform (TESDA Online Program), complementing existing face-to-face financial education initiatives.
