The Bangko Sentral ng Pilipinas (BSP) will conduct the very first Financial Education Stakeholders Expo on 27-28 November 2018 at the SMX Convention Center, Manila. The Expo supports Republic Act No. 10922 which designates the second week of November as Economic and Financial Literacy Week. It is also aligned with the objectives of the National Strategy for Financial Inclusion, particularly the pillar on Financial Education and Consumer Protection.
The 2018 Expo will convene and connect stakeholders from the public and private sectors, provide venue for sharing their financial education initiatives, and encourage productive partnerships. Expo speakers will cover topics such as leadership and financial stewardship; the state of financial education practices in the Philippines and around the world; practical tips for personal finance management from well-known life coaches; innovations in financial education program design and delivery; and financial education as part of corporate social responsibility. Fun and interactive sessions featuring a financial education play and a board game will also be conducted. Alongside the Expo will be an exhibit showcasing selected private financial institutions and non-government entities that have financial education programs.
The Expo is designed to be an annual gathering of multi-sectoral institutions and personalities that implement and support sustainable and effective financial education policies and programs. The long-term objective is to build an organized network of players that share the vision of a financially-literate citizenry and cohesively implements a variety of initiatives to achieve this vision.
The Expo is integral to the BSP advocacy to improve financial literacy and financial capability levels of Filipinos. The BSP believes that Filipinos with ability to manage personal finances, choose and use financial products suitable to their needs, and make wise financial decisions are better allies in ensuring price stability, financial system stability and efficient payments system. This kind of population has proficiency to secure their financial well-being and more meaningfully contribute to inclusive, broad-based economic growth.
Studies show that populations with high financial literacy also have high levels of savings, better debt management and prudent wealth accumulation. In the Philippines where financial literacy remains low, effective financial education programs are much needed. In a survey of Filipinos adults, only two percent (2%) correctly answered seven (7) financial literacy questions; 88% correctly answered only three (3) out of the seven (7); and 10% had zero correct answers. These questions covered basic numeracy, compounding interest computation, comparing prices, and simplified concepts of inflation and investment diversification.
This data gives impetus for the BSP to conduct the Expo. As such, there will be opportunity during the Expo for participants such as key government agencies like the Department of Education, financial sector regulators like the BSP, Insurance Commission; Philippine Deposit Insurance Corporation, and Securities Exchange Commission; development partners like the Asian Development Bank; banking associations, private financial institutions and their foundations; the cooperative and microfinance sectors; and well-known financial literacy advocates to collectively discuss the state of practice, issues and challenges in financial education; and together, find ways to foster and enhance the financial literacy of Filipinos.