International credit card issuer Visa launched recently its financial literacy program Lukot-lukot, Bilog-bilog (Crumpled, Rounded), a theatrical play targeted to teach students the importance of informed financial decisions.
Dan Wolbert, Visa Philippines head of sales, said the program targets to reach at least 3,500 students nationwide within a year.
“This is in line to support the BSP’s (Bangko Sentral ng Pilipinas’) initiatives to educate consumers on financial literacy here in the Philippines,” he said.
Wolbert said to effectively teach financial skills, VISA tapped Tanghalang Pilipino, the resident drama company of the Cultural Center of the Philippines (CCP), for an interactive play which was initially shown at CCP.
The interactive play will be shown in various schools in Metro Manila starting with San Francisco High School in Quezon City and the University of Makati.
BSP Inclusive Finance Advocacy head Pia Roman-Tayag, in an interview by journalists after the play, said the performance-based teaching mode is an effective way to encourage more youth in understanding the importance of financial literacy.
She said the median age in the country is 23 and noted that the workforce is comprised of 48 percent millennials.
“They are really what we need to teach. We start from the youth to make everyone literate,” she said..
Tayag explained that classroom trainings are effective in hitting the government’s goals to make each Filipino financially literate but noted that delivering these teachings through exciting and inter-active modes is a plus.
“Theater is one way to reach them effectively and hopefully they remember the lessons so when the time comes that they need to make financial decisions they are able to evaluate and make the proper decisions,” she said.
Tayag said one of the pillars of the national strategy on financial inclusion is financial education and consumer protection, which is aimed to create a platform for private sector’s participation in the program.
“I would say the strategy is successful because since the launch in 2015 there have been many private sector initiatives supporting the strategy. It allowed them to find an anchor upon which they can build programs that support inclusion, that support increased financial literacy,” she said.
The BSP launched the national strategy for financial inclusion with other national government agencies in 2015.
In August last year, the bill declaring every second week of November as Economic and Financial Literacy Week lapsed into law.
Republic Act (RA) 10922, otherwise known as Economic and Financial Literacy Act” states that “the State recognizes the growth potential of the country through a financially literate people who make sound financial decisions, mobilize savings, and contribute ideas on improving economic and financial policies and programs.”