DSWD, BPI Globe BankO try to achieve financial literacy for the poor

The Department of Social Welfare and Development (DSWD) is seeking to teach Filipinos the habit of saving through its sustainable livelihood program (SLP) and the financial literacy program of Bank of the Philippine Islands (BPI), Globe Telecom Inc. and mobile banking arm BankO. 

 

“SLP faces the challenge of instilling the habit and culture of savings to its program participants within the current context of low financial inclusion in the Philippines,” the department said in a statement Tuesday.

 

The agency noted a Bangko Sentral ng Pilipinas report that showed that only 20 percent of Filipinos “actively uses formal savings facilities such as a bank account.” It cited a central bank finding that the situation is influenced by cultural beliefs, poor education and information dissemination, lack of attractive products and services for the low-income sector, and proximity to banks.

 

DSWD said there are already 50,000 beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) that have enrolled in BanKO and 44,000, or 84 percent have already added to their account balances.

 

DSWD expects 200,000 more beneficiaries to enroll in the bank.

 

“If you give to the poor, they will not squander the opportunity to improve their lives. The support from members of the private sector such as BanKO is integral to our efforts towards development,” DSWD Secretary Corazon “Dinky” Soliman said.

 

The Cabinet official said about P8.4 million have already been deposited in the BanKO accounts of the beneficiaries.

 

“Our mission is to provide affordable and convenient access to formal banking services for every Filipino, where and when he needs it,” BanKO president John Rubio said in the statement. – Kathryn Mae P. Tubadeza/VS, GMA News