BSP to launch more financial learning programs

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) plans to launch six more Economic and Financial Learning Program (EFLP) in various cities in Luzon, the Visayas and Mindanao this year to further promote greater awareness and understanding of essential economic and financial issues among Filipinos.

This after the successful launching of the EFLP during a ceremony at the BSP Pampanga branch office in San Fernando City last Wednesday, bringing together the outreach educational activities of the central bank under one flagship program.  

The BSP said the program aims to promote greater awareness and understanding of essential economic and financial  issues to help the public acquire the knowledge and develop skills needed to make well-informed economic and financial decisions and choices. 

The program, the BSP added, also embodies the central bank’s thrust to promote inclusive and proactive economic and financial education among its stakeholders, based on the underlying philosophy that a citizenry that is well-informed in economics and finance is a more effective partner of the BSP in maintaining the effectiveness of monetary policy as well as in ensuring a stronger and safer banking and payments system.  

The launching of the pogram was in line with the BSP’s master plan to set up satellite Economic and Financial Learning Centers (EFLCs) in its regional offices and branches. The BSP relaunched EFLCs in the Davao, Cebu and La Union regional offices last year and the EFLCs in the Manila branch in 2008.

EFLCs – one-stop centers where researchers, students and visitors can access data and information produced and monitored by the BSP in the areas of central banking, economics and finance – are also located in all the 18 branches of the BSP in various cities and municipalities nationwide to ensure wider reach of its services. 

The program also includes Financial-Education Expo Exhibits featurings learning booths with audio visual presentations, graphic displays and interactive activities that will help participants become self-reliant in promoting their financial welfare.  

The learning sessions include the public information campaign on the role of the BSP in the economy that covers recent economic developments and the role of BSP as well as the financial learning campaign for overseas Filipinos and their beneficiaries that aims to educate participants on the importance of using remittances to build up savings and directing these into investments in financial products and business ventures.

Through this learning advocacy, the BSP hopes to help overseas Filipinos and their beneficiaries achieve financial independence and security, bring them into the fold of the formal financial system, and enable them to participate more meaningfully in the country’s economic development.  

The BSP has been conducting outreach learning activities since 2000. It has conducted more than 80 briefings all over the country since its launching in 2000.

The BSP has long recognized the value of economic and financial education as a basis for better decision-making by economic agents and as means of promoting the smooth functioning of financial markets.