The Bangko Sentral ng Pilipinas (BSP) wrapped up its annual Economic and Financial Learning Program in Legazpi City this week, delivering two days of practical financial education to over 2,400 students and teachers while signaling a broader policy shift toward long-term behavioral change in financial inclusion.
The two-day gathering in Albay, held from September 23 to 24, served as the final leg of a nationwide campaign that reached nearly 6,000 participants across Manila, Zamboanga, and Cabanatuan. Earlier sessions focused on farmers and small business owners, but the concluding leg targeted the academic community to instill sound financial behaviors early in life. Beyond classroom lectures on budget management, debt control, and fraud awareness, the central bank integrated direct access services, enabling students to register for their PhilSys National IDs and open formal bank accounts on site.
From a practical perspective, the initiative bridges the gap between theoretical knowledge and everyday practice. While recent central bank data shows national financial literacy rising—with 74 percent of adults now answering basic financial questions correctly compared to 69 percent in 2021—formal banking access among youth remains mixed. Central bank surveys show account ownership stands at 34 percent for teenagers aged 15 to 19, rising to 60 percent for young adults in their twenties. Providing immediate access to identification and banking services directly addresses the structural barriers that often prevent young people from transitioning their knowledge into formal financial habits.
On a policy level, the program reflects the central bank’s evolving strategy to move past basic literacy metrics toward measurable financial capability and habit formation. By focusing on behavioral outcomes rather than simple awareness, the central bank aims to build a more resilient consumer base capable of navigating complex modern financial risks, such as digital fraud and high-interest borrowing.
Addressing attendees, central bank Deputy Governor Bernadette Romulo-Puyat underscored that knowledge alone is insufficient without consistent action, reinforcing the regulator’s long-term commitment to working alongside educational institutions to embed tailored financial education into the everyday lives of Filipino students and educators.
