BDO Foundation, BSP expand financial literacy programs in Bohol

BDO Foundation, the Bangko Sentral ng Pilipinas (BSP) and the Tagbilaran City government have signed an agreement to expand financial education and improve access to banking services for residents of Bohol.

The partnership seeks to strengthen financial literacy among micro, small and medium enterprises (MSMEs), senior citizens, students, fisherfolk and other community sectors through educational programs and access to formal financial services.

Tagbilaran Mayor Jane Censoria Yap, BSP Deputy Governor Bernadette Romulo-Puyat and BDO Foundation President Mario Deriquito led the signing of the memorandum of agreement during a three-day financial inclusion initiative.

As part of the activities, the partners conducted financial learning sessions for MSMEs, senior citizens, civil society organizations and community representatives.

Participants were also given the opportunity to open bank accounts with participating financial institutions following the sessions.

Under the agreement, financial education will be integrated into existing local government programs and educational institutions.

These include the use of financial education learning materials in K-12 schools and the adoption of the BSP E-Learning Academy (BELA) by colleges and universities.

BDO Foundation and BSP representatives also met with officials of Holy Name University and Tagbilaran City College to explore the integration of BELA into their financial education programs.

The free online platform offers self-paced lessons on budgeting, savings, digital financial literacy, scam prevention, retirement planning and investing.

The partnership also extends to coastal communities through the Fish N' LEarn program, which provides financial education tailored to fisherfolk.

A total of 40 fishers participated in an interactive learning session covering budgeting, saving, responsible borrowing and financial planning.

According to the foundation, participants demonstrated improved understanding of basic financial concepts following the activity.

BDO Foundation, the corporate social responsibility arm of BDO Unibank, said the partnership forms part of its continuing efforts to improve financial literacy and expand access to financial services among underserved communities.