Milestone for Parañaque LGU. Parañaque City Mayor Olivarez (2nd from left) shows the agreement with Bangko Sentral ng Pilipinas (BSP) and BDO Foundation, represented by BSP Economic and Financial Learning Office Director Marianne Santos (far left) and BDOF President Deriquito (middle), respectively, to roll out the financial education program for local stakeholders. Joining them are Parañaque District 1 Rep. Eric L. Olivarez and BDO Foundation Program Management Head Marissa A. Romero.
BDO Foundation (BDOF), the corporate social responsibility arm of BDO Unibank, shared three principal components of a successful financial education program implementation during the launch of a financial education partnership agreement with the Bangko Sentral ng Pilipinas (BSP) and the local government of Parañaque City.
The agreement paves the way for the roll-out of the fin-ed program in the city using existing modules and training resources BDOF has developed together with the BSP and its other partners, to benefit fisherfolk, microentrepreneurs, public utility vehicle drivers, local government employees, persons with disability, senior citizens, solo parents, and students in Parañaque.
Practical knowledge and Preparedness. BDO Foundation President Mario A. Deriquito says teaching practical financial skills to the local community and employees of Paranaque City will help them become ready especially during times of emergencies.
BDOF President Mario A. Deriquito described the main components as “3 Ps.”
“The first one is Partnership. This (agreement with the BSP and Parañaque LGU) is a prime example of an agency from the national level (BSP) and the private sector (BDOF) extending a helping hand to the local government,” he said. “When these three entities help each other, the scope of the program widens, reaches more people, and the benefits last longer for the intended beneficiaries.”
The second “P,” Deriquito explained, is Practical Knowledge or tips on budgeting, saving, spending wisely, growing the savings, and planning for the future that have significant impact on families and their livelihood. The interventions BDOF and BSP provide, including learning resources, videos, and financial education games all emphasize these practical skills.
The third “P” is Preparedness.
“If people know how to handle their finances, they will be more financially stable. They will be better prepared and ready to face challenges that may come their way, especially now that so many things are happening in our surroundings: calamities, the pandemic, and now the war in the Middle East,” he said.
Fin-ed support to Parañaque LGU. Parañaque City Mayor Edwin L. Olivarez (left) shares a light moment with BDOF President Deriquito at the sidelines of the launch of the financial education program for Parañaque beneficiaries.
Parañaque City Mayor Edwin L. Olivarez echoed the importance of fin-ed in preparing for life's emergencies.
“The City of Parañaque is lucky to have a partner in financial education in BDO Foundation and the BSP. They provide guidance to our fisherfolk, for our vendors, our tricycle drivers, our micro entrepreneurs, and even to us in the local government unit, on how to properly manage our money. So in times of emergency, we’ll have money to use,” he said.
BSP Economic and Financial Learning Office Director Marianne Santos revealed the message shared by one of the Parañaque-based beneficiaries of Fish N' LEarn, a financial education game co-developed by BSP, Bureau of Fisheries and Aquatic Resources, and BDO Foundation to help improve the financial literacy of fisherfolk.
“Malaking aral ang pag-iimpok. Hindi lahat ng biyaya ay dapat ubusin agad. Para sa oras ng kagipitan, may madudukot ang pamilya. (The value of saving provides an important lesson. We don't have to use up all the earnings that we have. So in times of emergency, the family will have money to use.),” she said, quoting the beneficiary.
“That insight captures the heart of financial education. It's not about having more money. It's about managing what we have with wisdom and discipline,” Santos added. “We should learn how to use whatever and how much we have.”
