BSP: Financial literacy empowers workers

The Bangko Sentral ng Pilipinas (BSP) underlined that financial literacy (fin lit) empowers Filipino workers to achieve life goals and reach success during the BSP’s “Economic and Financial Learning Program (EFLP) Session for the Workforce” in Iloilo City from 18 to 19 September 2024.

BSP Deputy Governor Bernadette Romulo Puyat noted that financial learning “will be helpful in making better financial decisions, like buying a home, starting a business, saving for education, preparing for retirement, or building financial resilience.”

With over 200 in-person attendees from the public and private sectors, micro, small, and medium enterprises, and agri-enterprises and over 2,700 virtual participants, the two-day EFLP session helped participants learn about the economy, personal finance, investing, and financial consumer protection; and taught them how to make smart financial choices and to contribute to a stronger Philippines.

Low investment rate

The initiative also aimed to address the low rate of investment ownership among Filipinos, particularly working adults. According to the 2021 BSP Financial Inclusion Survey, only 36 percent of Filipino adults own investment products.

In line with this, the session discussed personal finance fundamentals and practical strategies for budgeting, saving, and managing debt. It also tackled the Financial Products and Services Consumer Protection Act, the importance of understanding consumer rights and responsibilities, and BSP’s role in protecting financial consumers.

Furthermore, the EFLP session explained the core functions of the BSP and its role in keeping prices steady, making the financial system stronger, and making payments safer and easier.

Participants gained valuable insights into selected economic indicators like gross domestic product and inflation, which are essential for gauging the country’s economic health.