Photo shows (standing, L-R) Securities and Exchange Commission Assistant Director Jernel R. Macatangay; Philippine Deposit Insurance Corporation Officer-in-Charge Sandra A. Diaz; Insurance Commission (IC) Deputy Commissioner Ferdinand George A. Florendo; Bangko Sentral ng Pilipinas (BSP) Deputy Governor Bernadette Romulo-Puyat; BPI Foundation Associate Director Joy Reniva; and Commission on Higher Education (CHED) Chief Aline Magalong with (seated, L-R) CHED Director Cherrie Melanie Ancheta-Diego; IC Commissioner Reynaldo A. Regalado; then BSP Governor Felipe Medalla; BPI Foundation Executive Director Owen L. Cammayo; and National Economic and Development Authority Undersecretary Rosemarie G. Edillon.
The Bangko Sentral ng Pilipinas (BSP), Commission on Higher Education, National Economic and Development Authority, Insurance Commission, Philippine Deposit Insurance Corporation, Securities and Exchange Commission, and BPI Foundation launched the “Personal Finance 101 for College Students” through a ceremonial signing of a memorandum of agreement (MOA) in June.
The MOA signing marked a significant milestone in the country’s collective journey toward becoming more financially inclusive. The program aims to change the mindset and behavior of college students through a personal finance subject for higher education institutions (HEIs). It will be made available to over 1,900 HEIs nationwide and reach over 4 million college students.
College students will be equipped with personal finance management skills as they prepare to become part of the workforce, achieve financial stability, and contribute to the economy. Topics in the program include the importance of financial goals, saving and budgeting, managing credit, investing, insurance, retirement planning, and protection from financial frauds and scams.
“This comprehensive financial literacy program is a systemic solution to address the challenge of establishing financial stability. It aims to equip college students with knowledge and skills to prepare them for financial freedom amid a dynamic economic environment,” said Owen Cammayo, Executive Director of BPI Foundation. “We believe that financial education is essential to creating a financial wellness culture.”
While the financial education elective is available and may be offered by HEIs to business majors, the long-term vision is to offer the program to all college students.
“We are developing a Personal Finance 101 elective that seeks to empower individuals and households to better manage their personal finances, build resilience from financial shocks, achieve long-term financial goals and aspirations, and contribute productively to the Philippine economy,” said then BSP Governor Felipe M. Medalla.
In addition to integrating financial literacy concepts in the K to 12 curriculum, the BSP aims to expand the reach of its Financial Education programs to college-level learners and teachers.
To know more about BPI Foundation, visit https://www.facebook.com/BPIFoundation/.