The essence of financial inclusion in creating a sustainable economy

(Top photos, counterclockwise) The BDO Foundation (BDOF), together with the Bangko Sentral ng Pilipinas (BSP), has conducted financial education programs for the Armed Forces of the Philippines (AFP), Civil Service Commission (CSC), and Department of Education (DepEd). (Bottom right photo) With the help of the BDO Network Bank (BDONB) Kabuhayan loan, micro-entrepreneur Virginia Salvador of Isabela had the funds to buy extra stocks for her store.

Giving every Filipino access to financial products and services is essential to BDO Unibank’s sustainability efforts.

If Filipinos have a bank account and can take out a loan, they will have the ability to save for their emergency funds, sell and buy products online, grow a business and be ready for retirement.

According to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, “It is important for Filipinos to understand the importance of saving in the bank and choosing the right investment.”

The BDO Foundation (BDOF), the corporate social responsibility arm of BDO Unibank, has conducted financial education programs with the BSP, the Department of Education (DepEd), Overseas Workers Welfare Administration (OWWA), Civil Service Commission (CSC), and the Armed Forces of the Philippines (AFP).

Through BDOF’s collaboration with several branches of government, financial education programs have been laid out for public school students, teachers and non-teaching personnel; Overseas Filipino Workers (OFWs) and their beneficiaries; civil servants; and uniformed and civilian personnel of the armed forces.

Financial Education
BDOF has ensured that financial education is included in the curriculum of students from Kinder to Grade 12 and in regular training programs for teachers and non-teaching personnel. Together with BSP and DepEd, BDOF produced learning materials consisting of 10 educational videos with lesson guides on saving, budgeting, and even doing business. BSP and BDOF also assisted DepEd to formulate a Financial Education Policy and Roadmap published by DepEd secretary Leonor Magtolis-Briones through DepEd Order in 2021.

Also developed training materials for OFWs and their families, military and civil servants, which are now part of the regular training programs of the Overseas Workers’ Welfare Administration (OWWA), the Armed Forces of the Philippines (AFP) and the Civil Service Commission (CSC).

Financial literacy training programs include the development of training resources and modules, and training for in-house trainers. Even in the midst of the pandemic, the implementation of financial education lessons through online platforms continues.

“True to our ‘We Find Ways’ philosophy, we continue to do our part to serve our clients, our communities, and the nation in the most efficient way possible as we recover from this global pandemic,” says Mario Deriquito, president ng BDOF.

Thanks to BDOF’s collaboration with the National University (NU) and the SM Foundation, financial literacy programs have also been delivered to underserved communities in the agriculture sector. Through designed learning materials designed for farmers and fishermen, they can learn basic accounting and bookkeeping, as well as budgeting and financial planning.

Deriquito added that this partnership is a great help in promoting financial literacy and inclusion in our country, while continuing to give farmers the opportunity to grow their businesses and get out of poverty.

Financial lessons for OFWs
BDO’s continued collaboration with OWWA has paved the way for the continuation of providing financial lessons to OFWs despite the pandemic. Because the departure of our compatriots will continue in 2020, BDO, under the leadership of BDO Remit, has not stopped providing financial education to OFWs through the Pre-departure Orientation Seminar (PDOS).

At PDOS, OFWs learn the importance of having a bank account, and how it can help them and their families. Having an account is important not only in saving and investing, but also in payment and remittance transactions.

In 2021, BDO will be the only non-government owned bank to provide complete learning facilities to OWWA, including training rooms and internet access for conducting webinars.

According to the November 2021 record, nearly 159,500 OFWs benefited from 3,441 online financial literacy lessons or webinars.

Financial inclusion for communities
Through the BDO Network Bank (BDONB), BDO continues to reach out to underserved communities to promote financial inclusion. BDONB, BDO’s community bank with 347 branches and loan offices, offers timely products and services for communities not reached by regular banks.

With the help of the Kabuhayan Loan, thousands of micro-SMEs (MSMEs) have benefited from the loan from P30,000 to P1 million, including women entrepreneurs. The extra funds helped the entrepreneurs to grow their businesses by increasing the inventory of stocks, buying the necessary equipment or expanding another branch of the business.

BDO’s ongoing collaboration with government agencies promotes and strengthens financial inclusion nationwide and in key sectors of society. BDO ensures that their various products and services are up -to -date and meet the financial needs of the community to give every Filipino access to opportunities that will promote a sustainable economy.

Like it? Share with your friends!



Your email address will not be published. Required fields are marked *