BPI, DSWD join forces to teach 4Ps beneficiaries how to save money

 MANILA - In a strategic move towards fostering financial inclusion and improving the lives of Filipinos, the Bank of the Philippine Islands (BPI), through its social development arm, BPI Foundation (BPIF), has joined forces with the Department of Social Welfare and Development (DSWD) to unveil their groundbreaking Digital Financial Literacy initiative. 

During its pilot run, which commenced in February, the program targeted beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps). 

The initiative, an embodiment of BPI Foundation’s commitment to “Kasama Lahat sa Pag-Unlad,” aims to equip 4Ps beneficiaries with essential knowledge and skills related to budgeting, saving, investing, and fostering responsible financial behavior. 

Carmina Marquez, BPIF Executive Director, emphasized the transformative power of education, stating, “Through our partnership with  DSWD, we aim to empower families with the essential knowledge and skills to effectively manage their finances and make informed financial decisions that will lead to long-term economic stability. This forms part of BPI’s vision to help build a better Philippines—one family, one community at a time.” 

Under Republic Act 11310, the 4Ps program plays a pivotal role in supporting Filipino families through conditional cash transfers to enhance their access to health, nutrition, and education. However, recognizing the need for sustained financial well-being, the Digital Financial Literacy initiative comes as additional support beyond the program’s duration. Financial education, as emphasized in the Bangko Sentral ng Pilipinas’ (BSP) National Strategy for Financial Inclusion, is seen as essential for empowering individuals to efficiently access and utilize financial products and services. 

The pilot run of the Digital Financial Literacy program unfolded over one week in households located in Quezon City; Cagayan de Oro City; Guiuan, Eastern Samar; Bulan, Sorsogon; Iloilo City; and Esperanza, Agusan del Sur. The program is designed not merely as a post-event report but as a narrative, a story of transformation. 

During the sessions, participants enthusiastically exchanged insights on fundamental financial literacy. “Natuto ako sa pag-iipon at pagbu-budget, upang mapanatili ang kahusayan at magandang hinaharap ng buong pamilya,” said a participant from Quezon City.

“Natuto po akong magtipid ng pera at maging responsable sa lahat ng bagay. Nang maunawaan ko ang cash flow, kahit kapos, pinipilit ko pa rin na magkaroon ng sobra para may maihahanda akong kahit kaunting pera  lang, okay yan!” shared another participant from Bulan, Sorsogon. 

Following this pilot phase, the program will undergo a thorough evaluation to assess its impact and gather feedback from participants. This evaluation phase is integral to refining the initiative before its full-scale rollout. 

“Financial digital literacy plays an important role in helping 4Ps beneficiaries improve their lives, offering them the tools and knowledge needed to navigate the modern financial landscape with confidence. As we strive to empower these individuals and families towards greater financial stability, we are grateful for the support of the private sector such as BPI who complemented the DSWD’s efforts in providing accessible digital financial education, resources, and services tailored to the needs of 4Ps beneficiaries”, said Vilma B. Cabrera, Undersecretary for National Household Targeting System and 4Ps. 

This collaborative initiative by the DSWD and BPI sets the stage for a brighter future for 4Ps beneficiaries and their families, offering support to more Filipinos in their journey towards attaining financial stability. The story of empowerment is just beginning, as the program looks forward to making a lasting impact on the lives of countless Filipinos across the nation. (Mindanao Examiner)