Amando M Tetangco, Jr: Nurturing financially literate Filipinos
Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko
Sentral ng Pilipinas), at the MOA signing on the "DepEd-BSP-EPRA Financial Literacy Project, Manila,
12 April 2007.
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Secretary Jesli Lapus, Dr. Cielito Habito, our partners from the Department of Education and EPRA,
special guests from the Bankers Association of the Philippines and the Chamber of Thrift Banks, fellow
central bankers. Magandang umaga po sa inyong lahat!
On behalf of the Members of the Monetary Board, I thank our partners at the Department of Education
and EPRA for sharing our goal to teach money management to our elementary students and to
transform them into net savers.
Specifically, our program involves the incorporation into the elementary curriculum lessons in saving
and money management, as well as the values of pagka-masinop (prudence/avoiding waste),
pagkamatipid (thrift), and pag-iimpok (saving).
A survey indicating that less than 5% of our youth regularly save money lends urgency to our program.
If we can turn the tide with our present crop of elementary pupils, this will have long-term benefits for
them and, ultimately, our country. Add to this the potential influence they can wield in their homes and
in their communities as change agents.
Actually, there are other initiatives that are underway under our Economic and Financial Literacy
Program. In particular, the Bangko Sentral is at the forefront of a money management program for
OFWs and their families; microfinance for the entrepreneurial poor; continuing economic and financial
education for journalists; and consumer protection for bank customers. We are also set to establish
economic and financial literacy centers in BSP offices in the province.
Of course nurturing a new generation of savers and financially literate adults entails a lot of work and
unflagging commitment from all of us. For this, we need all the help we can get.
This is the reason why we at the Bangko Sentral are very pleased that no less than the heads of our
principal partners are here with us this morning. Ladies and gentlemen, let us give a big hand to the
Honorable Secretary of Education Jesli Lapus who is known for his ability to transform institutions and
their human resources into models of excellence! Let us also give a round of applause to our other
hardworking partners from the Department of Education!
Bigyan din po natin ng masayang palakpakan si former Socioeconomic Planning Secretary Dr. Ciel
Habito who continues to be deeply involved in making our country a better place! Palakpakan din po
natin ang ibang EPRA representatives who are here.
We are also pleased that we have with us today representatives from the Chamber of Thrift Banks
headed by Executive Director Suzanne Felix; and the Bankers Association of the Philippines
represented by its Executive Director Topper Coronel. Let us also give our banker guests a big hand
for they continue to work with us closely on our economic and financial literacy programs, including our
successful and award-winning "Tulong Barya Para sa Eskwela" project.
Ladies and gentlemen. "Tulong Barya Para sa Eskwela" generated more than P6.5 million in cash
donations for public elementary schools and savings of more than P8 million for the Bangko Sentral.
This national lesson in saving proved beyond any doubt to our school children, that every little amount
we can save will eventually add up and even be the start of wealth creation!
As our slogan says: "Ang Barya Mahalaga, Lalo na Kapag Pinagsama-sama."
With the incorporation of money management into the elementary curriculum, we move to the next
step and formalize the education of our children on this vital subject. Indeed, today marks a high point
in our continuing program to educate and inform our people on basic economic and financial concepts.
Again, thank you to all our partners and to all others with us today who share our commitment to
economic and financial literacy programs.
Together, let us help Filipinos manage their personal finances well, transform them into net savers and
help them identify options that can ultimately lead to wealth creation. Maraming salamat po sa inyong
lahat! Mabuhay ang mga Pilipino!