The Bangko Sentral ng Pilipinas (BSP) teamed up with the Microfinance Council of the Philippines Inc. (MCPI) and the Rural Bankers Association of the Philippines Inc. (RBAP) to expand financial education for low-income families.
BSP Governor Eli Remolona Jr. stressed the need for broader public engagement during the launch of the fin-ed programs on Thursday.
“Traditionally, central banks have prioritized communication with markets, but broader public engagement is just as essential,” he said.
Remolona cited fin-ed’s role in helping people understand policies better and make informed financial decisions.
Deputy Governor Bernadette Romulo-Puyat said the goal of the BSP is to make financial education a practical part of everyday 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,” she said.
MCPI chairperson Gilbert Maramba cited the partnership’s role in strengthening microfinance institutions (MFIs) financial education programs.
“Microfinance institutions with good financial education tend to be able to serve their clients better. Their clients are able to increase their income faster, and therefore, we will be able to achieve our vision and mission of helping the poor faster,” Maramba said.
RBAP president Jose Paolo Palileo highlighted the initiative’s goal to enhance financial literacy in rural communities.
“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,” Palileo said.
BSP, MCPI, and RBAP are leveraging their expertise to train MFIs and rural bankers in conducting financial learning sessions.
MCPI, a network of MFIs, supports entrepreneurs through a wide range of accessible financial services. Meanwhile, RBAP is a national association of rural banks that provide credit to farmers, fishermen, cooperatives and merchants in rural areas.
