UN body lauds BSP’s financial literacy program for OFWs

MANILA, Philippines – A United Nations body has awarded the Bangko Sentral ng Pilipinas (BSP) for its efforts in promoting economic and financial education to the families of overseas Filipino workers.

The United Nations International Fund for Agricultural Development (IFAD) said the BSP has been recognized during the fifth Global Forum on Remittances and Development in Italy last Friday.

“The Central Bank of the Philippines will be awarded for its Economic and Financial Learning Program, one component of which targets overseas Filipinos and remittance-recipient families providing financial education on savings and productive investments,” the IFAD said.

This program is among the BSP’s efforts to promote financial inclusion by educating the public in basic financial matters.

According to the central bank’s website, this is aimed at helping Filipinos understand important economic and financial issues in order for them to develop the “skills needed to make well-informed” decisions and choices.

At the same time, this is being done amid the belief that a well-informed public will help keep the effectiveness of monetary policy and ensure a stable banking and payments system.

The BSP hopes this program would also allow more Filipinos to contribute to economic development as they take advantage of opportunities in the future.

The central bank maintains Economic and Financial Learning Centers at its headquarters in Manila and in other branches across the country.

This one-stop center boasts of data and information covering central banking, economics and finance and is made available to researchers, students, and visitors.

The BSP has always pursued financial inclusion and this is being done by pushing for greater access to financial products and services, supporting financial education and literacy, and upholding financial consumer protection.

A national framework for financial inclusion is expected to be implemented within the year and this is aimed at providing a more organized and efficient approach in extending financial services to more Filipinos.

The Philippines has recently been named the top country in Asia and the third in the world on the Economist Intelligence Unit’s Financial Inclusion survey. EIU’s Global Microscope 2014, which covered 55 countries, was conducted for 12 months until August 2014.

The report evaluated a country’s government support for financial inclusion, regulatory and supervisory capacity the prudential regulations, supervision of credit portfolios and deposit-taking activities, and insurance targeted at low-income populations. –Kathleen A. Martin (The Philippine Star)