BSP targets millennials, netizens in financial literacy program on Facebook

To promote financial literacy, especially among millennials, the Bangko Sentral ng Pilipinas (BSP) on Thursday said it has created a digital program dubbed as PisoLit.

"PisoLit provides a digital, social media-focused dimension to the BSP EFLP which initially consisted of structured, face-to-face learning events for targeted audiences like schoolchildren, students, the workforce, and special sectors like overseas Filipino workers and their beneficiaries, as well as participants in some social benefit programs of the government," it said in an emailed statement.

The central bank created PisoLit, a Facebook account, as part of the central bank's Economic and Financial Learning Program (EFLP).

"Through PisoLit, the BSP hopes to leverage the FB platform and make financial education and consumer protection the next trending topics among Filipino netizens and millennials," it said.

The account was made to cater to Filipino netizens, particularly those aged 18 to 34, as these individuals spend more than four hours a day online.

"The ultimate objective is to increase Filipinos' awareness of financial literacy concepts, develop skills that can make them better financial stewards, with ability to protect themselves from financial fraud, and consequently contribute more effectively to the Philippine economy," — BSP said. — Jon Viktor Cabuenas/VDS, GMA News