Amando M Tetangco, Jr: Developing a new generation of savers with the program "Banking on Your Future" Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the 16th Anniversary of the Central Bank of the Philippines, Manila, 3 July 2009. * * * Former BSP Governor Gabriel Singson, Monetary Board Members, our partners from the banking community, our guests from the Aurora A. Quezon Elementary School, fellow central bankers, members of the media, special guests, good afternoon. On behalf of the Monetary Board, I thank all of you for joining us today as we celebrate the 16th anniversary of the Bangko Sentral ng Pilipinas. With the signing of our agreements this afternoon, we are on track to institutionalize our economic and financial education program for Filipino children. This program is important to us. We at the Bangko Sentral believe that persons literate in basic economic and financial concepts stand to benefit more from opportunities that development brings. And we believe that our elementary education system is the best place to start. With our Memorandum of Agreement with the Department of Education, lessons on saving and money management have been incorporated into the curriculum of 12 million public elementary students where 90% of our elementary pupils study, beginning schoolyear 20082009. Last week, the Bangko Sentral ng Pilipinas signed a Memorandum of Agreement with the Coordinating Council of Public Educators Association also for the inclusion of economic and financial concepts in private elementary school curriculum. Today, the launching of this savings promotion program "Banking on Your Future" brings the banking sector fully on board our financial education program for millions of Filipino children. Actually, we are looking at generating synergies from this program. We believe that saving as a habit can best be developed among schoolchildren who wield a strong influence in their homes and communities. Through the children, therefore, we hope to reach out to their parents, including the unbanked. Equally important, we believe that informed Filipinos make for better partners in ensuring that we have a sound banking system and a more efficient transmission mechanism for our monetary policy actions. They also wise up to financial scams. In the process, they help sustain balanced economic growth. This is the philosophy that underpins our economic and financial education program. We all know how resilient we Filipinos are. Given the right tools, there is much more we can do. The program “Banking on your Future” is therefore an important component of our economic and financial education program. The support of the Banking Sector for this program is essential as you are the practitioners and therefore the ideal mentors to work with the youth regarding financial education. The key is knowledge sharing. We do look forward to banks and its branches to get involved in their neighbor elementary schools to mount parallel financial education activities and to reward best performing schools and students with prizes including savings account. The idea is to make it hip and cool for our students to have savings account that they can nurture and grow. This way, they develop the habit of saving on a regular basis. Aasahan po nang ating mga kabataan ang programang ito, kasama na ang ating mga bisitang mag-aaral mula sa Aurora A. Quezon Elementary School. There are about 38,000 elementary schools there are about 7,000 bank offices and branches. I hope we can cover most, if not all of these schools. Ladies and gentlemen. The 16th anniversary of the Bangko Sentral ng Pilipinas also coincides with the celebration of National Savings Consciousness Week. For this year, our theme is particularly appropriate: “Kinabukasan Siguruhin, Pag-iimpok Ugaliin.” It is only fitting therefore that together we launch the program “Banking on Your Future” on this auspicious day. Mabuhay ang Philippine Banking Sector! Mabuhay ating mga kabataan! Maraming salamat po sa inyong lahat.