Press Release
September 30, 2016

STRENGTHEN FINANCIAL EDUCATION AMONG YOUTH- POE

Sen. Grace Poe called for a more proactive public and private collaboration to further strengthen financial education among Filipino youth.

"Financial literacy is a tool that can be used to break the cycle of poverty," Poe said today during the celebration of the Consumer Welfare Month led by the Bangko Sentral ng Pilipinas, "We can start with improving the personal financial education of our youth."

The senator said there is a need for the government, private institutions, schools and various sectors to partner up and ensure a meaningful and effective financial education as she lamented a 2014 Standard and Poor's study showing that 75% of Filipinos have no idea about financial concepts.

Poe hopes this will be reversed with the inclusion of financial literacy and consumer protection subjects in the new curriculum for senior high schools starting this year.

The senator recalled the story of a lotto winner who lost P14 million in four months due to mismanagement of his winnings and even investing in several dubious, "double-your-money" deals which generated no returns for him.

"We cannot protect consumers from these scams so long as the vast majority of our people remain financially illiterate… Financial literacy and consumer protection must be a common effort, a shared responsibility," Poe said.

At the same event, Poe, a member of the Senate committee on banks, financial institutions and currencies, also said she supports proposals to amend the BSP charter to help the monetary authority further improve its effectiveness.

"I was talking to the (BSP) Governor (Amando Tetangco) and I was assuring him that there is nothing more that we want than to make sure that our financial institutions are strong. And the Central Bank is key to that--literally key to that. So, we are going to fast-track it," the senator said.

"Definitely, BSP needs to adapt with the changing times and I completely agree that it merits the granting of additional powers to allow BSP to better cope with current global trends and developments," Poe added, "As such, I would like to assure all of you of my support."

Among the changes sought on the charter of the country's central monetary authority include increased capitalization of the BSP, authority to require data from non-private sector, and legal protection of its officials and staff when performing official duties.

News Latest News Feed