The Bangko Sentral ng Pilipinas (BSP) steps up its efforts to foster the habit of saving early in the lives of Filipinos by carrying “Project BRO (BSP Reaches Out) – A Savings Campaign for Kids and Teens” in Iloilo City on 18 to 19 August.
The BSP is carrying out the project in line with studies that underscore the importance of teaching kids about money matters early in life. Said studies reveal that those who began saving during their childhood display better attitudes toward savings than those who did not.
The BSP’s Financial Consumer Protection Department (FCPD) developed the campaign for Grade 1 to 10 students (or their equivalent levels) from both public and private schools across the country. FCPD kicked off the project in Davao City on 6 July 2015.
To encourage saving among Ilonggo kids, the Project BRO team from the FCPD will visit Iloilo Central Elementary School, Baluarte Elementary School, San Jose Parochial School and San Jose College.
The team will engage the students in fun-filled activities and interactive talk about the value of spending wisely, saving, and the benefits of opening a bank account.
After the learning session, the team will track the students’ saving habits by closely coordinating with teachers and school officials for the purpose of encouraging the youngsters to open and grow savings in a “Kiddie Savings” account.
The Kiddie Savings program is a joint initiative of the BSP and the Bank Marketing Association of the Philippines (BMAP) that allows school children to open Kiddie Savings accounts with an initial deposit of as low as Php 100.
Project BRO is implemented by BSP in partnership with BMAP and in collaboration with the Department of Education.