The Bangko Sentral ng Pilipinas (BSP), in collaboration with key partners, is taking significant strides to revolutionize financial education (Fin-Ed) in the Philippines.
The BSP launches new financial education course materials for out-of-school youth and adults in collaboration with the DepEd and USAID Opportunity 2.0 Program. Photo show (from left:) Education Development Center’s Philip Purnell, BSP Deputy Governor Bernadette Romulo-Puyat, DepEd Undersecretary Peter Irving Corvera, and DepEd Bureau of Alternative Education Director III Lynn Padillo.
Through digital platforms, innovative tools, and strategic partnerships, the Philippine central bank aims to empower more Filipinos with the knowledge and skills to make informed financial decisions, ultimately fostering economic resilience and inclusive growth.
BSP’s digital innovations in financial education
Central to the central bank’s efforts is the “BSP E-Learning Academy” (BELA), a cutting-edge online platform offering free courses on personal finance, economics, and central banking.
Soft-launched in August 2024, BELA is set to be publicly accessible by mid-2025. This platform complements existing face-to-face and blended learning programs, making financial literacy more accessible to Filipinos nationwide.
Deputy Governor Bernadette Romulo-Puyat emphasized the importance of embracing technology to broaden financial education’s reach.
“It [financial education] gains momentum when we embrace technology, making lessons and tools more accessible and ensuring they reach people wherever they are,” she said during the Fin-Ed Stakeholders Congress held last November 19 at the Philippine International Convention Center in Pasay City.
Expanding reach through partnerships
The BSP signs a MOA with the DSWD and BDO Foundation to implement a financial education program for the social welfare sector. Shown during the signing are (seated, from left) BDOF president Mario Deriquito, DSWD Secretary Rex Gatchalian, BSP Deputy Governor Romulo-Puyat and BDO president and BDOF trustee Nestor Tan. Standing are (from left) BDOF trustee Maria Corazon Mallillin, DSWD Undersecretary Denise Florence B. Bernos-Bragas and BSP managing director Charina De Vera-Yap.
The BSP has entered into several new partnerships to amplify its Fin-Ed initiatives. A memorandum of agreement (MOA) with the Department of Social Welfare and Development (DSWD) and BDO Foundation (BDOF) aims to equip over 37,000 DSWD employees and 3,600 local social welfare officers with financial literacy tools.
This program will be integrated into the DSWD Academy’s regular training modules.
In collaboration with the Department of Agriculture (DA) and BDOF, the BSP also launched programs tailored for farmers and fisherfolk. Tools such as Fish N’ Learn, a game that simulates financial decision-making scenarios, and KITA Mo Na!, which emphasizes agripreneurship, are designed to enhance financial resilience among these communities.
The BSP-BDOF partnership is also developing six additional e-learning courses on topics like investing, fraud prevention, digital financial literacy, and retirement planning.
These modules will be accessible through BELA and other institutional partner platforms.
Financial education for all sectors
The Fin-Ed Stakeholders Congress focused on delivering financial education to underserved groups, including students, teachers, farmers, Overseas Filipino Workers, micro, small, and medium enterprises (MSMEs), civil servants, and uniformed personnel.
The BSP introduced new learning materials targeting out-of-school youth and workers in the police and fire departments.
One of the new platforms introduced is “PisoLit,” the BSP’s dedicated platform for financial education on social media, designed to resonate with the communication style of Filipino netizens.
Separate from the BSP’s official accounts, PisoLit provides flexible and relatable content focused on essential financial topics such as budgeting, saving, investing, debt management, digital financial services, and fraud prevention. Its goal is to equip Filipinos with the knowledge and tools to make informed decisions about their personal finances.
Complementing PisoLit’s mission is EkoLit, a character introduced by BSP to simplify complex economic concepts and improve public understanding of economic issues.
Together, PisoLit and EkoLit empower Filipino netizens to navigate financial and economic challenges confidently, fostering a financially literate and resilient society.
The two-day event also explored the potential of augmented reality, virtual reality, and artificial intelligence to make financial education engaging and effective. Testimonials and expert insights during the congress underscored how financial education strengthens individual decision-making and drives national economic growth.
Earlier this year, the BSP also continued its push for financial literacy (fin lit) by bringing its “Economic and Financial Learning Program (EFLP) Session for the Workforce” to Iloilo City. The event was attended by over 200 participants in person, including workers from the public and private sectors, micro, small, and medium enterprises (MSMEs), and agri-enterprises.
Additionally, more than 2,700 people joined the session virtually, making it one of the BSP’s largest efforts to date in educating the workforce on financial management and economic awareness.
A national strategy for financial inclusion
These initiatives align with the National Strategy for Financial Inclusion 2022-2028, which emphasizes coordinated efforts across sectors to promote financial literacy and resilience.
The BSP also marked the occasion as part of the Economic and Financial Literacy Week, held annually every second week of November under Republic Act No. 10922.
Through its multi-faceted approach, the BSP is fostering financial independence and literacy among Filipinos. With BELA and other initiatives in place, it seeks to create a financially empowered population capable of contributing to the country’s sustainable economic growth.
For more information on the BSP’s financial education programs, visit the Facebook pages of the BSP (@BangkoSentralngPilipinas) and PisoLit (@PisoLit), for engaging content and tips. You can also access upcoming BELA courses starting in 2025.