The Bangko Sentral ng Pilipinas (BSP) on Thursday partnered with the Microfinance Council of the Philippines, Inc. (MCPI) and the Rural Bankers Association of the Philippines, Inc. (RBAP) to expand financial education (fin-ed) for low-income families.
BSP, MCPI, and RBAP are leveraging their expertise to train microfinance institutions and rural bankers in conducting financial learning sessions.
MCPI, a network of MFIs, supports entrepreneurs through a wide range of accessible financial services while RBAP is a national association of rural banks that provide credit to farmers, fishermen, cooperatives, and merchants in rural areas.
“Traditionally, central banks have prioritized communication with markets, but broader public engagement is just as essential,” BSP Governor Eli Remolona Jr. said in his speech.
He underscored fin-ed’s role in helping people understand policies better and make informed financial decisions.
Deputy Governor Bernadette Romulo-Puyat said the goal is to make financial education a practical part of everyday life.
“Whether you’re a microentrepreneur managing a business, a rural banker advising a farmer, or a learner gaining new skills, financial literacy should be useful, relatable, and rooted in real-life decisions."
MCPI Chairperson Gilbert Maramba said the partnership would help strengthen microfinance institutions' financial education programs.
“Microfinance institutions with good financial education tend to be able to serve their clients better. Their clients are able to increase their income faster, and therefore, we will be able to achieve our vision and mission of helping the poor faster,” he said.
RBAP President Jose Paolo Palileo, meanwhile, highlighted the initiative’s goal to enhance financial literacy in rural communities.
“Through this training program, we see an opportunity not only to sharpen the financial literacy of our rural bank personnel, but also to cascade these learnings to our clients," he said.
The BSP has also launched new fin-ed modules co-developed with BDO Foundation.
Topics include investment, fraud and scam prevention, financial consumer protection, digital financial literacy, the Personal Equity and Retirement Account, and the BSP’s role in the economy.
The modules can be accessed through the BSP E-Learning Academy and Technical Education and Skills Development Authority e-learning platform or TESDA Online Program, complementing face-to-face fin-ed programs.
PNA PHOTO
