Bangko Sentral ng Pilipinas Holds Virtual Financial Education Stakeholders Expo
The Bangko Sentral ng Pilipinas (BSP) opens the 3rd Financial Education Stakeholders Expo today (November 26, 2020).
The Expo, conducted for the first time in 2018, is the BSP’s annual flagship event that convenes financial education (fin-ed) stakeholders and advocates from private and public sectors.
It serves as a platform for the convergence of fin-ed initiatives, and for exploring multi-sectoral partnerships that promote financial literacy and financial health of Filipinos.
For 2020, the Expo is organized virtually in view of the pandemic-induced restriction on mass gatherings. For the first time, the Expo sessions, happening daily from 2 to 5 PM on the 26th and 27th of November 2020, are livestreamed on the BSP Facebook account to reach a wider online audience.
This year’s Expo sessions will tackle cybersecurity awareness, digital literacy and financial resilience. These themes embody the critical skills necessary for every Filipino to overcome the challenges of the new economy, as well as thrive in an increasingly digital world.
The 2020 Expo features a keynote message from BSP Governor Benjamin E. Diokno, and messages of hope from high level officials of selected government agencies that have institutionalized fin-ed partnerships with the BSP. These include the Armed Forces of the Philippines, Civil Service Commission, Department of Education, Department of Trade and Industry, and Philippine National Police.
Learning sessions and video showcases will cover financial literacy lessons fit for young and old audiences alike. These include a fin-ed play about money management, and a discussion on future-proofing finances through prudent investment management and estate planning.
The Expo will also feature personal testimonies from a former overseas Filipino worker, a teacher, and several microentrepreneurs on how financial literacy was key to their resiliency and financial independence.
The Expo is supported by various institutions that share the BSP objective of enhancing financial literacy levels to lead the Filipino population towards prudent financial decision making and economic well-being.
Strategic, coordinated and complementary financial education programs across the public and private sectors are necessary to address the financial literary challenge in the Philippines.
The BSP Financial Inclusion Survey 2019 shows that only half (55%) of Filipino adults know the effect of inflation on purchasing power, and only a third (33%) correctly answered questions on simple and compounding interest rate. These concepts are crucial when making saving, credit, insurance and investment decisions.
Lack of such knowledge could lead to financial distress and aggravate vulnerabilities of individuals and families. On the other hand, financially literate persons would have the farsightedness to prepare for the future of their families, and can better cope when confronted with external shocks, like this COVID-19 pandemic.