survey indicated that, on average, filipino adults correctly answered only three out of seven financial literacy - related questions. the same survey also found that filipinos lack specific knowledge required to make informed saving and borrowing decisions. 2 clearly, there is a need for effective financial education interventions. the bsp economic and financial learning program the bsp has long recognized the importance of economic and financial education and its potential to help improve people ’ s lives. in 2010, we consolidated all bsp learning events under one umbrella – the economic and financial learning program ( eflp ) to ensure consistency of 1 / 3 bis central bankers'speeches messages, synergy of activities, and efficient use of resources. we focused on current economic issues, the role of the bsp in the economy, good money habits, personal finance management and financial consumer protection. eflp now consists of more than 10 component programs designed for specific audiences : the children, college students, the working sector, investors, overseas filipinos, and selected unbanked sectors. this is a nationwide program that involves seven departments within the bsp, as well as our regional offices and branches. 3 eflp participants have rated the programs with an average of 4. 5, with 5 as highest possible score. having said this, we know a lot more needs to be done. in this connection, we will continue to enhance, innovate and diversify our outreach programs to determine the most effective and efficient ways to reach our target audience and attain our education objectives. financial education, a key component of consumer protection at the bsp, financial education is not just an advocacy — it is integral to the financial consumer protection framework. this is a set of regulations that promotes consumer welfare and upholds – within bsp - supervised institutions – a culture of transparent, fair and responsible treatment of consumers. this means that financial institutions under bsp supervision will be held accountable for ensuring that consumers are : 1. provided with correct and understandable information about their financial transactions ; 2. protected from mis - use or abuse of their personal data through risk - based data handling procedures ; 3. treated fairly and professionally, with the consumer ’ s well - being in mind ; 4. given access to an objective and efficient mechanism for complaint resolution and redress ; and 5. assisted to make sound decisions through objective financial education and awarenessraising methods. indeed, we remind our institutions that a customer - centric approach to any business, including banking and finance, works well

and makes for good business in the end. at this point, i want to share key lessons we have learned along that way : 1. first — consumer protection and financial education is a collective responsibility. regulations set in place by regulators such as the bsp could only be as effective as the manner in which these are observed and implemented by financial institutions. at the same time, our people must do their part to become financially - literate. 2. second — multi - sectoral partnership and collaboration is critical in promoting consumer literacy and protection. we are a country of over 100 million people, and growing. we have varied demographic, geographic, learning preferences and cultural characteristics, that must be considered when designing and implementing consumer education programs. 3. third — the efficiency and effectiveness of policies and programs must be monitored and measured using suitable methodologies. among others, we want to measure changes in consumer behaviour as a result of education interventions and consumer protection measures. only through fact - based measurement will we be able to calibrate our programs to become more effective and efficient. conclusion ladies and gentlemen, while we continue to register gains in the goals we have set for financial inclusion, education and consumer protection, we do need to further broaden and deepen 2 / 3 bis central bankers'speeches engagement with our financial consumers. i wish to reiterate therefore that the bsp is open to partner with like - minded organizations that share our vision of a financially - literate citizenry. together, we can develop a financially secure future for our family, our community and our country. maraming salamat, at magandang hapon! mabuhay ang ating mahal na bansang pilipinas! mabuhay po tayong lahat! 1 sources : lusardi and mitchell, 2007 ; lusardi and tufano, 2008 ; stango and zinman, 2006 ; lusardi and mitchell, 2007 ; alessie, lusardi and van rooij, 2007 ; hogarth and o. donnell, 1999. 2 world bank, 2015, enhancing financial capability and inclusion in the philippines : a demand - side assessment. 3 eflc, fcpd, ifao, corao, der, des, ciio and regional offices / branches. 3 / 3 bis central bankers'speeches