Central bank launches e-learning academy

The Bangko Sentral ng Pilipinas (BSP) launched on Monday its BSP E-Learning Academy or BELA to teach financial management through digital, interactive modules for all Filipinos.

BELA consists of nine modules co-developed by BDO Foundation and will discuss saving, budgeting, financial planning, and debt management.

The modules can be accessed for free through the online platforms of BSP’s financial education partners, such as the Philippine National Police, Armed Forces of the Philippines, Insurance Commission, Civil Service Commission, Securities and Exchange Commission, Department of Trade and Industry and Department of Social Welfare and Development (DSWD).

More modules created

BSP managing director Charina de Vera-Yap said more modules are being created to also educate Filipinos on investing, fraud protection, consumer protection, digital financial literacy, personal equity, retirement account and key economic indicators.

As an interactive platform, BELA students can ask financial education instructors questions through messages or video conferencing.

To accelerate financial literacy among Filipinos, the BSP committed to help provide educational materials to DSWD employees and social workers through yesterday’s signing of a memorandum of agreement by BSP Deputy Governor Bernadette Romulo-Puyat and DSWD Secretary Rex Gatchalian.

“Our initiatives are designed to transform over 37,000 DSWD employees and 3,600 social workers into champions of financial literacy,” Puyat said.

Initially, the BSP created modules for the beneficiaries of the Pantawid Pamilyang Pilipino Program.

Gamified modules for farmers, fisherfolks

Apart from this, the BSP signed another agreement with the Department of Agriculture (DA) to expand access to BDO’s gamified modules to all farmers and fisherfolk nationwide. DA Undersecretary Asis Perez represented the government agency at the signing ceremony.

“BELA will capacitate Filipino farmers and fisherfolks who number over 10.8 million through innovative educational tools,” Puyat said.

“The banking sector can only make supply available. If I’m not mistaken, 20 to 30 percent of our municipalities do not have a formal banking presence,” he added.

This program is a complement to private banks’ initiatives,” BDO Foundation president Nestor Tan said.

Credit cards

Last, the BSP also inked an agreement with the Credit Card Association of the Philippines to promote responsible use of credit cards.

“Our approach to financial education extends beyond knowledge dissemination. Through interactive models, real-life scenarios and experiences, we equip our beneficiaries to make informed decisions,” Puyat said.