BSP to roll out national financial education strategy

The Bangko Sentral ng Pilipinas (BSP) said last week it will release this year a National Strategy for Financial Education (NSFE) aimed at strengthening the financial literacy and resilience of Filipinos.

In a statement, the central bank said the strategy is currently being refined through nationwide consultations with stakeholders from government, the private sector, civil society, and development institutions.

The NSFE envisions a society where individuals and families are equipped with the knowledge and confidence to make sound financial decisions through accessible education programs.

Last Wednesday, the BSP convened partners at its Manila headquarters to present key findings on the country’s financial education landscape and introduce the draft framework of the strategy.

Participants also took part in workshops to identify gaps and propose initiatives that will help shape priority actions under the NSFE.

The central bank said the consultations build on earlier research and ongoing discussions on existing financial education programs and areas needing improvement.

“No amount of research can replace the insights of those doing the work on the ground. That is why consultations matter. A national strategy only becomes meaningful when government, industry, civil society, and development partners work together to make it succeed. That is when it becomes more than a document,” said BSP Deputy Governor Bernadette Romulo-Puyat.

The initiative is being developed with technical assistance from the World Bank and input from the Foreign, Commonwealth & Development Office.

Once finalized, the NSFE will complement the broader National Strategy for Financial Inclusion 2022–2028 and will be submitted to the Financial Inclusion Steering Committee for approval.