BDO Foundation, the corporate social responsibility arm of BDO Unibank, recently took a significant step toward fostering financial inclusion and sustainable business growth for market sellers and SMEs in Iloilo City by offering them a comprehensive financial literacy course.
This initiative was tailored to equip local entrepreneurs with essential financial knowledge and skills, empowering them to manage their finances wisely and sustainably.
Photo shows Iloilo City vendors undergoing training related to business operations and market management through the Uswag Negosyo Academy (IMAGE CREDIT: https://www.iloilotoday.com/)
BDO Foundation: Customizing financial education for market vendors
The financial literacy program was launched in response to a request from Iloilo City’s local government, which recognized the need for targeted financial education among its market vendors. The program was a collaborative effort between the BDO Foundation and the Uswag Negosyo Academy, a division of the Local Economic Development and Investment Promotion Office (LEDIPO) dedicated to supporting the growth of micro, small, and medium enterprises (MSMEs) in the city.
The course was designed to meet the specific needs of the market vendors, many of whom had limited access to formal financial education. It was divided into two main sections. The first part covered the fundamentals of financial literacy, including budgeting, saving, financial planning, and debt management.
These foundational topics provided the participants with the tools they need to better manage their personal and business finances.
The second part of the course introduced more advanced financial concepts, using a modified version of the Fish N’ Learn method, originally developed for fishermen. This innovative educational game was adapted by the regional fisheries office to cater specifically to the needs of market vendors.
Through this engaging method, participants learned about business investing, micro insurance, and fraud prevention — critical areas for ensuring long-term business sustainability.
Mario Deriquito, president of the BDO Foundation, emphasized the importance of such programs in fostering financial literacy across the country. “This program reflects our commitment to empowering local communities and advancing financial inclusion throughout the Philippines,” Deriquito stated.
He also noted that the foundation provided training for local government unit (LGU) trainers to ensure the program’s sustainability and expand its reach to more market vendors in Iloilo City.
Positive Impact on the Local Community
The initiative has already started to yield positive results. Two hundred market vendors participated in the program, each motivated by a strong desire to improve their financial literacy and business acumen.
Mayor Jerry Trenas of Iloilo City lauded the project, highlighting its potential to uplift the local economy. “Our market vendors now have important skills to help them expand their enterprises and enhance their quality of life thanks to our cooperation with the BDO Foundation. We’re excited to keep up this productive partnership,” Mayor Trenas said.
In addition to the training, the market vendors received financial incentives of P5,000 each, which were deposited into newly opened accounts at BDO Network Bank.
This move provided them with additional business capital and introduced them to formal banking services, enabling them to actively manage their finances and integrate into the broader financial system.
A Step Towards Long-Term Poverty Reduction
Deriquito underscored the broader implications of enhancing financial literacy among Filipinos, particularly in the context of poverty reduction. “Raising financial literacy is a necessary step toward long-term poverty reduction. While communities may receive grants and job opportunities, they must also learn how to expand and manage their resources to meet their needs effectively,” he explained.
He added that small business owners, such as the market vendors in Iloilo, must be equipped to manage their finances prudently to sustain and grow their businesses.
The BDO Foundation’s efforts extend beyond Iloilo City. In collaboration with the Bangko Sentral ng Pilipinas and other partners, the foundation develops and distributes personal financial education materials across various sectors.
These resources are designed to be used by LGUs and other organizations to elevate financial literacy levels in communities nationwide, creating a ripple effect of financial empowerment.
Building a Brighter Financial Future
The success of the financial literacy program in Iloilo City underscores the vital role of targeted education in empowering small business owners and fostering economic growth.
As market vendors apply their newfound knowledge to manage their finances and grow their businesses, they contribute to the broader goal of financial inclusion and sustainable development in the Philippines.
With continued support from institutions like the BDO Foundation, communities across the country can look forward to a brighter, more financially secure future.
Earlier this year, BDO Unibank Inc., which is led by the Sy family, also introduced digital innovations such as self-service machines throughout its branches nationwide. This initiative, according to the bank, aims to provide a seamless blend of physical and digital banking experiences — or “phygital” options — to its customers.
After all, BDO firmly believes that integrating technology into the bank’s traditional over-the-counter services can help streamline processes, reduce wait times, and offer a more efficient customer experience. By offering an additional transaction-completion channel, BDO ensures a more efficient and customer-centric branch experience.