Filipinos score very low in the financial literacy category as a majority of the population has difficulty managing their finances. Data from the Bangko Sentral ng Pilipinas showed the country’s savings rate is only 20 percent while the average Filipinos have a savings rate of below 10 percent.
JCI and PayMaya conducted financial literacy sessions in the following areas: City College of Angeles, Angeles City, Pampanga; Bulwagang Reyes, CSRAFP Building, Camp Aguinaldo in Quezon City; Advocates for Children and Elders International Philippines Incorporated
Nearly 70 percent of the adult Filipino population does not have a bank account, with the 23 million who maintain an account have a maintaining balance of below P5,000.
It is on this note that PayMaya, through its corporate social responsibility initiative, #PayMayaItForward, teamed up with Junior Chamber International (JCI)-Manila to conduct financial literacy sessions around Metro Manila and nearby cities.
“We want to impart how e-wallets like PayMaya can help participants have control over their money as well as keep track of their expenses. Through this partnership with JCI, we are able to extend our financial literacy advocacy,” said Nick Bautista Wilwayco, head of public affairs and communications at PayMaya Philippines.
Under JCI’s Financial Literacy Project for 2019, over 300 youth, public school teachers and local government officials learned about the basics of finance, common “money mistakes,” budgeting tips, and were introduced to a personal finance roadmap that aims to lead them to have a sustainable financial life.
For his part, Rafael Verzosa, JCI Manila Financial Literacy Program Chairman for 2019, said, “We believe in financial inclusion and that financial freedom should be enjoyed by all Filipinos regardless of their background. We believe that every Filipinos deserves a good life and that financial literacy is key to provide access to this life.”
JCI and PayMaya conducted financial literacy sessions in the following areas: City College of Angeles, Angeles City, Pampanga; Bulwagang Reyes, CSRAFP Building, Camp Aguinaldo in Quezon City; Advocates for Children and Elders International Philippines Inc. Headquarters in Parañaque City; Golden Heart in Quezon City; and Kalayaan National High School in Pasay City.