BSP Partners with BDO Foundation to Boost Financial Literacy

THE Bangko Sentral ng Pilipinas (BSP) has signed a memorandum of agreement (MoA) with BDO Foundation and the Tagbilaran City government for a partnership to advance financial literacy. “The MoA formalizes cooperation in implementing financial education (fin-ed) initiatives that will help Boholanos make informed financial decisions, build financial health, and improve their economic well-being,” the central bank said in a statement. “It reflects our shared belief that financial education is most effective when the government, the private sector, and the community and LGUs (local government units) work together,” BSP Deputy Governor Bernadette Romulo-Puyat added. Following the MoA, the central bank said it carried out financial education programs for the province’s micro, small, and medium enterprises, senior citizens, and civil society organizations, including helping universities in Bohol use the BSP e-Learning Academy. Its partner financial institutions also assisted the residents of Tagbilaran in opening their formal financial accounts. The BSP likewise discussed efforts to expand access to financial services with banks and other financial institutions in the locality. It also engaged the Bohol Provincial Fisheries Office in talks to strengthen fisherfolks’ financial capacity, building on last year’s fin-ed initiatives for their agriculture, youth, and academic sectors. “This is a whole-of-city approach in partnership with BSP and BDO. We should teach our young people financial literacy not only so they can learn, but so they can improve their lives,” Tagbilaran City Mayor Jane Censoria Cajes-Yap said. — Katherine K. Chan