The Department of Finance, or DoF, urged the Insurance Commission to partner with universities and colleges to help spread multifaceted financial literacy among the country’s future workers and investors.

Finance Secretary Ralph Recto said the measure is needed to build and protect the wealth of Filipinos and encourage the activities of companies and the government through investments in the capital markets.

“This will help cultivate a generation of financially literate individuals capable of making prudent financial choices from an early age,” he said in a message delivered by National Treasurer Sharon Almanza for the 75th anniversary of the Insurance Commission on Wednesday.

“A financially literate population is crucial for the development of a robust capital market and a globally competitive Philippine economy,” Recto added.

29-M students

There are now over 29 million learners of financial products and management in the country based on data from the Bangko Sentral ng Pilipinas.

This is the result of the central bank’s partnership with another government agency, the Department of Education which focuses on providing public school students basic financial literacy, such as savings.

However, as they enter a new life phase and face global challenges, Recto stressed that the financial needs of the public diversify which insurance products can fulfill. Aside from life insurance, insurance firms offer investment, retirement and calamity funds.

“There is much work to be done to broaden insurance coverage in our society. Our vulnerability to disasters and climate change calls for the development of new products, implementation of innovative solutions, and utilization of new technologies,” he said.