The Bangko Sentral ng Pilipinas (BSP) sustains its efforts to promote the habit of saving early in the lives of Filipinos by conducting “Project BRO (BSP Reaches Out) – A Savings Campaign for Kids and Teens” in Cagayan De Oro City on October 21 to 22.
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.
To encourage saving among Cagayanon kids, the Project BRO team from the FCPD will visit East City Central School, Cagayan de Oro National High School, Xavier University Grade School and Xavier University High School.
The team will engage the students in interactive and fun-filled activities 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.
Launched in Davao City in July 6 this year, BSP implements the project in partnership with BMAP and in collaboration with the Department of Education.
The BSP is implementing 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.