BSP links with MCPI, RBAP to expand financial education

The Bangko Sentral ng Pilipinas (BSP) has joined forces with the Microfinance Council of the Philippines, Inc. (MCPI) and the Rural Bankers Association of the Philippines, Inc. (RBAP) to broaden financial education initiatives for underserved communities.

Through this partnership, BSP, MCPI, and RBAP will provide training to microfinance institutions and rural banks, equipping them to deliver financial learning sessions aimed at improving financial literacy among low-income Filipinos.

MCPI, which represents a network of microfinance institutions, offers a variety of accessible financial services to support entrepreneurs. RBAP, on the other hand, brings together rural banks that provide credit access to farmers, fisherfolk, cooperatives, and rural enterprises.

“Traditionally, central banks have prioritized communication with markets, but broader public engagement is just as essential,” BSP Governor Eli Remolona Jr. said, emphasizing the importance of financial education in policy comprehension and sound financial decision-making.

BSP Deputy Governor Bernadette Romulo-Puyat added that financial education must become part of daily life: “Whether you’re a microentrepreneur managing a business, a rural banker advising a farmer, or a learner gaining new skills, financial literacy should be useful, relatable, and rooted in real-life decisions.”

MCPI Chairperson Gilbert Maramba noted that enhancing financial education programs within MFIs will boost their ability to help clients improve their livelihoods. “Microfinance institutions with good financial education tend to be able to serve their clients better. Their clients can increase their income faster, and therefore, we will be able to achieve our vision and mission of helping the poor faster,” he said.

RBAP President Jose Paolo Palileo highlighted the value of training rural bank personnel who, in turn, can educate their clients. “Through this training program, we see an opportunity not only to sharpen the financial literacy of our rural bank personnel, but also to cascade these learnings to our clients,” he said.

The BSP also rolled out new financial education modules, developed in collaboration with BDO Foundation. These cover topics such as investment, scam prevention, consumer protection, digital financial tools, and the role of BSP in the economy.

Modules are accessible through the BSP E-Learning Academy and TESDA’s online platform, complementing in-person financial literacy programs.