BSP crafts national financial education strategy

The Bangko Sentral ng Pilipinas (BSP) said it is spearheading the development of the National Strategy for Financial Education (NSFE), part of broader efforts to improve financial literacy, strengthen household resilience and deepen financial inclusion nationwide.

In a Thursday statement, the BSP said the proposed framework envisions a financially informed society where Filipinos have the knowledge, confidence and capability to make sound financial decisions through accessible and effective education programs.

Targeted for release this year, the framework is currently undergoing consultations with stakeholders from government, industry, civil society and development institutions. The BSP said it convened representatives from various sectors on 13 May at its Manila headquarters to discuss the country’s financial education landscape, existing gaps and priority initiatives.

Participants also joined workshops aimed at identifying policy priorities and refining the strategy, building on previous consultations and studies on financial literacy initiatives across the country. The central bank said inputs gathered from stakeholders will be consolidated and analyzed to improve the framework before finalization.

Bernadette Romulo-Puyat, deputy governor of the Bangko Sentral ng Pilipinas, emphasized the importance of collaboration in shaping the strategy.

“No amount of research can replace the insights of those doing the work on the ground. That is why consultations matter. A national strategy only becomes meaningful when government, industry, civil society, and development partners work together to make it succeed. That is when it becomes more than a document,” she said.

The NSFE will form part of the broader National Strategy for Financial Inclusion 2022–2028, which seeks to expand access to financial products and services, particularly for underserved sectors.

The strategy is receiving technical assistance from the World Bank, with additional support from the United Kingdom’s Foreign, Commonwealth & Development Office.

Once finalized, the NSFE will be endorsed to the Financial Inclusion Steering Committee, an interagency body composed of government institutions involved in advancing financial inclusion policies nationwide.