BSP and Partners Leverage Digital Tech to Promote Fin-Ed

The Bangko Sentral ng Pilipinas (BSP) launched new financial education course materials for out-of-school youth and adults in collaboration with the Department of Education (DepEd) and USAID Opportunity 2.0 Program.

The Bangko Sentral ng Pilipinas (BSP) and its partners discussed ways to use digital technology to improve financial literacy of Filipinos, at a two-day forum on 19 November 2024. They discussed ways to empower Filipinos to make better-informed decisions in areas such as savings, investment, and retirement planning, contributing to an improved quality of life.
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The Financial Education (Fin-Ed) Stakeholders Congress was held at the Philippine International Convention Center in Pasay City. 

BSP Deputy Governor Romulo-Puyat said, “It [financial education] also gains momentum when we embrace technology, making lessons and tools more accessible and ensuring they reach people wherever they are. For instance, the BSP E-Learning Academy, or BELA, will be available next year as an online platform to allow Filipinos to gain valuable financial skills anytime and anywhere." 

Digitalization allows the upgrading and expansion of the BSP’s Fin-Ed programs for priority and underserved sectors,1 namely, students; teachers; farmers and fisherfolk; Overseas Filipino Workers and their families; micro, small, and medium enterprises; civil servants; and uniformed personnel.

With the theme, “BSP and Partners: From Financial Education to Economic Empowerment for Sustainable Growth,” the congress highlighted the BSP E-Learning Academy (BELA), which provides free courses on personal finance.2 Soft-launched in August this year, BELA will be publicly accessible by 2025.3

This year’s Fin-Ed congress likewise discussed innovations in Fin-Ed, such as the use of augmented and virtual reality and artificial intelligence.

The event kicked off with the launch of new learning materials for out-of-school youth, civil servants, police force, and firefighters. BSP also inked a new partnership agreement with the Department of Education (DepEd) to strengthen its ongoing financial education program targeting K to 12 students, teachers, and other DepEd personnel nationwide.

Aside from digital technology, the first day of the event covered other topics, including sustainable finance practices for social empowerment and financial inclusion, and the financial independence and resilience of Fin-Ed program beneficiaries. 

Meanwhile, the second day of the Congress welcomed members of the academe and workforce to a learning session with the theme, "Empowering One, Empowering All: How Economic and Financial Education Builds Resilient Filipinos and a Stronger Philippine Economy." This event was also participated in by online attendees via Zoom and the BSP’s official Facebook page.

Throughout the day, the participants listened to inspiring testimonials and insights from industry experts on essential topics, specifically the impact of financial education on individual welfare, rational decision-making in personal finance, the effects of personal economic and financial choices on the larger economy, and the important role of regulators in safeguarding financial transactions.

The Fin-Ed Congress supports the celebration of the Economic and Financial Literacy Week every second week of November pursuant to Republic Act No. 10922. Sessions may be viewed via the BSP’s Facebook pages (@BangkoSentralngPilipinas and @Pisolit).