Saving, apparently, is not a priority of many Filipino adults. In the latest survey by Bangko Sentral ng Pilipinas, it found only 23 percent or 15.8 million have bank accounts; 77 percent remain unbanked.
According to the central bank, ownership of a bank account that can be used to save and receive money, as well as pay bills is a basic indicator of financial inclusion.
In a bid to instill financial knowledge in more Filipinos, BPI Foundation has launched a program that integrates basic financial literacy in elementary education.
Executive director Maricris San Diego said financial literacy is vital for a country’s economic growth, and it begins with being financially equipped to make sound financial decisions, much like how a company or government manages its finances.
BPI Foundation, in partnership with YGOAL, has created the “Manny & Me” financial literacy program to integrate financial management concepts into the subjects already being taught in schools, such as Math and Araling Panlipunan.
“The foundation has always cared about the financial wellness of every Filipino, that’s why we come up with programs that help them reach their financial goals, and equip them with the right knowledge on good financial management,” said San Diego.
San Diego said the program is introduced at an age when children are beginning to distinguish between needs and wants, when they can already grasp the concept of money and ready to take on the responsibility of handling it.
It targets children in Grades 3 and 4 and aims to teach the importance and value of saving.
“It’s important to teach them while they are young, as this knowledge will be their guide as they make financial decisions in the future,” said San Diego, adding, “Educating the younger generation about the right way to manage money, no matter how little you have, is a good way to start promoting financial inclusion.”
As of June 2018, a total of 24,000 students, over 700 teachers, more than 240 schools, and eight DepEd divisions have been trained since 2017 for BPI’s Manny & Me program.
It comes with a Teacher’s Manual for the elementary school teachers, which can be integrated in the Math and Araling Panlipunan curriculum, and activities designed specifically for parents in the home setting.
“Manny and Me has not only helped me teach my students about saving at an early age when there were practically no materials available to help me do it. It has also helped me to personally realize the importance of financial education and managing my own money,” shared Angelita Dalaguit, a teacher at Palanan Elementary School.
Jasmin Regalado, a Grade 3 pupil, shared, “I enjoy the Manny and Me activities taught by my teacher. We get to play fun games in the classroom while learning about saving money in Math, and we also do problem solving.”