Partnerships
The BSP approach to promote financial education is characterized by strategic partnerships. Our partnership framework is anchored on the principles of objective compatibility, shared responsibility and maximized resources. Together with selected institutional partners from the public and private sectors, we implement scalable, sustainable programs with multiplier effects that have potential to exponentially expand outreach. We target specific audiences, establish clear terms of engagement and agree on key performance indicators. We collaborate in developing audience-specific modules, we train trainers, and we co-develop programmatic monitoring and evaluation mechanisms.
The BSP aims to contribute competencies and resources in initiatives where we can add value, leverage on existing financial education programs and infrastructures, as well as innovate learning tools and delivery methods. We hope to contribute our strengths in terms of (a) our capacity as content developers and sharers of knowledge on the economic and regulatory environment; (b) our ability to convene and establish linkages with key market players and stakeholders; and (c) our branding and legitimacy as an advocate of an inclusive financial system. We ensure that our partnerships are devoid of potential conflicts of interest and commercialization as we clearly delineate our financial education advocacy from our function as regulator and supervisor of financial institutions.
BSP partners are government institutions, industry associations, foundations of financial institutions, and other non-profits whose advocacies on financial education, financial inclusion, or consumer protection are aligned with their corporate social responsibility objectives.
FinEd Program for the Armed Forces
The BSP collaborates with the Armed Forces of the Philippines (AFP) to set up its financial education (FinEd) program for the benefit of the officers and civilian personnel of all its three uniformed services (Philippine Army, Philippine Air Force and Philippine Navy).
Under the program, the BSP will conduct capacity-building seminars to select AFP trainers to equip them with adequate skills to deliver financial literacy sessions to all AFP personnel. The AFP considers financial wellness as a cornerstone of the personal scorecards of its personnel and, thus, supports activities such as the development of learning videos with key lessons on saving, budgeting, debt management, investing, scam prevention, consumer protection, and retirement planning.
Upon full roll-out, the program will cover more than 140,000 AFP personnel, including future new recruits.
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FinEd Program for Civil Servants
The BSP collaborates with the Civil Service Commission (CSC) to work on a two-phased project, the Financial Education Program for Civil Servants (FEPCS), that is geared to improve the public servants’ knowledge, skills, and proficiency on financial education (FinEd). The FEPCS aims to be an integral part of holistic personal and professional development interventions for civil servants.
Phase 1 is internal to CSC and consists of the development and piloting of FinEd modules, training of select CSC trainers and representatives from key offices of the CSC, and conduct of FinEd sessions to CSC employees. Phase 2 consists of policy issuances embedding the FinEd modules in regular staff trainings in all government institutions, inclusion of financial literacy measurement in civil service eligibility assessments and performance evaluation systems, as well as the development of measurement and evaluation tools to assess the effectiveness of the program.
Once fully implemented, the FEPCS is expected to reach 1.8 million civil servants, including public school teachers.
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FinEd Program for Farmers and Fisherfolk
The BSP collaborates with the Department of Agriculture (DA) to implement a financial education (FinEd) program in the agri-fishery sector by teaching personal financial management and sustainable practices in the agricultural and coastal communities.
The approach to achieving this goal is two-pronged. First is the collaboration with the DA-Bureau of Fisheries and Aquatic Resources (DA-BFAR) which aims to capacitate over 1.9 million fishers nationwide. A FinEd game called “Fish N’ LEarn”, which revolves around key messages on financial literacy and marine conservation, was launched in 2022. National Training of Trainers were also conducted for the pools of trainers from DA-BFAR who will roll out the training to the fishers nationwide.
Second is the collaboration with the DA-Agricultural Credit Policy Council (DA-ACPC) which cater to about 3,000 credit assistance beneficiaries, including small farmers, fisherfolk, livestock raisers, young agripreneurs, and repatriated overseas Filipino workers engaged in agribusiness. A FinEd game called “KITA Mo Na!”, which emphasizes agripreneurship and the importance of having a good credit standing, is being developed and will be launched in 2023.
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FinEd Program for Firefighters
The BSP collaborates with the Bureau of Fire Protection (BFP) for a financial education (FinEd) program that will help the country’s firefighters achieve financial independence. The BFP will integrate FinEd training in the regular training sessions conducted for its officers, personnel, new employees, and retiring employees. A FinEd training manual with complementing learning videos was developed for the use of BFP trainers who will roll out the FinEd training to all BFP personnel nationwide. Once fully implemented, the program is expected to benefit more than 28,000 firefighters nationwide.
FinEd Program for the Police Force
The BSP collaborates with the Philippine National Police (PNP) to improve the overall financial health of its uniformed and non-uniformed personnel. The financial education (FinEd) program aims to equip PNP personnel with the knowledge, skills, and values on financial planning, saving, budgeting, debt management, investments, fraud and scam prevention, and financial consumer protection. Activities under the partnership include the development of FinEd training modules, conduct of training of trainers, rollout to all PNP personnel, development of monitoring and evaluation tools, and the issuance of FinEd policy to integrate financial education into the mainstream training programs of PNP personnel. Once fully implemented, the program is expected to benefit more than 220,000 police forces nationwide.
FinEd Programs for Schools
The BSP collaborates with the Department of Education (DepEd) to (a) integrate financial literacy lessons in the basic education system, and (b) embed financial literacy sessions in the regular training programs for teachers and non-teaching personnel. Learning videos and lesson exemplars were developed for utilization in selected subjects across all grade levels. Personal finance management modules were crafted, and trainings on the use of these modules by selected pools of trainers from DepEd regional and division level offices were conducted. A Financial Education Policy (DepEd Order 022 s. 2021) was issued in 2021 to intensify the integration of financial education in the basic education system. When fully implemented, the program has the potential to reach every learner who goes through the K to 12 Curriculum, as well as every educator and personnel of DepEd.
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Pinansiyal na Talino at Kaalaman (PiTaKa) Campaign for Overseas Filipino Workers
The BSP collaborates with the Overseas Workers and Welfare Administration (OWWA) to implement the PiTaKa Campaign. The Campaign objective is to equip Overseas Filipino Workers (OFWs) and their families with skills to prioritize saving, manage their income and use remittances for productive purposes. PiTaKa learning videos and modules are standardized and integrated in the Pre-Departure Orientation Seminars required to be undertaken by departing OFWs, and provided by OWWA-accredited PDOS providers. The same approach is undertaken for Post-Arrival Orientation Seminars conducted in Philippine Overseas Labor Offices abroad. Financial literacy sessions also form part of seminars for OFW families conducted by OWWA regional offices in the Philippines. Campaign activities are supported by private sector partners. The Campaign, when fully implemented, is expected to reach 2.3 million land-based and sea-based OFWs, with potential to also reach the more than 10 million Filipinos living and working abroad.
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Financial Literacy Session for Comprehensive Social Benefits Program Beneficiaries
The BSP supports the Comprehensive Social Benefits Program (CSBP), institutionalized under Executive Order (EO) No. 110 dated 07 April 2020. The CSBP provides a comprehensive set of benefits such as housing, healthcare, scholarship and training for dependents of soldiers and police wounded or killed in the line of duty. The CSBP components are coordinated by the Department of Interior and Local Government (DILG).
The BSP works together with the Department of Trade and Industry (DTI) and Technical Education and Skills Development Authority (TESDA) in the conduct of Capacity Building Trainings (CBT) on basic financial literacy, entrepreneurship, and livelihood skills development. The financial literacy component of the CBT is delivered by the BSP and is among the key requirements for beneficiaries to qualify and receive monetary benefits under the CSBP.
