BSP hoping to push financial literacy in K-12 curriculum

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THE Bangko Sentral ng Pilipinas (BSP) said it is working with the Department of Education (DepEd) to incorporate financial literacy in the K-12 curriculum as a means to increase financial inclusion.

Pia Bernadette Roman-Tayag, BSP Head of Inclusive Finance Advocacy Office, said on the sidelines of Visa, Inc.’s financial literacy event in Makati City Wednesday that talks with DepEd are “ongoing.”

Both the BSP and DepEd have integrated financial literacy modules in the K-12 curriculum. These lessons directly benefit senior high school graduates who wish to seek employment as well as younger students which will be introduced to financial literacy early on.

Ms. Tayag added that the BSP is also partnering with other stakeholders such as Visa and Teach for the Philippines to produce learning materials and teaching guides.

“What we need are teaching tools… We need to have lesson [plans] and learning materials [like] books, but it will be more interesting if we have other modes.”

Ms. Tayag said the learning tools “can be available as early as this year.”

She also noted that the central bank is also collaborating with DepEd on a monitoring framework to measure the impact of such measures in improving the financial well-being of Filipinos.

“Our target with DepEd is to monitor the link between rising financial capability with initiatives such as this.”

To complement BSP’s financial literacy push, Visa has created an outreach program in partnership with the central bank, Teach for the Philippines and Tanghalang Pilipino to teach students and teachers how to spend money wisely.

“This year, our aim is to reach out to more students through the theater production and also empower teachers to introduce financial literacy into their teaching curriculum,” Stuart Tomlinson, Visa Country Manager for the Philippines and Guam, was quoted in a statement.

One of the BSP’s key strategies to promote financial inclusion is financial education and consumer protection.

“Having a well-informed and adequately protected public is a critical factor to achieve financial inclusion as the unserved and underserved markets fold into the financially-included public,” according to the BSP’s National Strategy for Financial Inclusion booklet published in 2015 — Karl Angelo N. Vidal