financial inclusion – Rock To Riches

It’s no secret that many Filipinos, especially those living in far-flung areas in the provinces, are living below the poverty line. This is often worsened by the need to take on toxic personal debts, usually from loan sharks, which perpetuates a crazy cycle of poverty and ever-increasing debts.

One of the biggest reasons for this is financial illiteracy and inability to access basic financial products and services. Lack of knowledge prevents many Filipinos from managing their finances well while lack of access to the financial system forces them to settle for usurious debts from loan sharks.

Oxfam Pilipinas and Paymaya executives together with Bangko Sentral ng Pilipinas’ Pia Bernadette Roman-Tayag

Today’s generation is very blessed because they have easy and affordable access to the internet. Through mobile devices, one can easily learn about personal financial management concepts either through paid webinars or free resources available online.

BDO Foundation produced financial education videos for DepEd, OWWA, Phil Army. It tied up with NU to develop learning modules on basic accounting for farmers.

With these in place. learning about money, how it works, and how to manage it is key to helping Filipinos become smart financial decision makers. If every Filipino is on track to achieving personal financial freedom, we are surely on our way to a progressive, first-class Philippines. Continue reading Why Financial Literacy Plays a Major Role in a Growing Nation