BSP cites educators for integrating savings program in school subjects

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has cited teachers across the country for integrating savings program into school subjects to educate children about money management.

The Guro ng Pag-asa, a joint program by the central bank and the Department of Education, encourages educators to fuse savings, money management, and entrepreneurship topics in social studies, work education, and values education subjects.

“Passionate in their belief that proper finance management can help improve lives, our 2013 awardees developed creative ways to effectively teach financial lessons to their pupils,” BSP Governor Amando M. Tetangco Jr. said during the awarding ceremony.

“In the process, they also became agents of positive change in their schools and in their community... Indeed, in teaching about money, their pupils learned about what counts: that it is not enough to earn, it is important to save for the future,” he added.

Tetangco stressed that instilling financial education in children is necessary and very important, as one of its surveys showed only two out of 10 Filipinos have bank accounts.

A Philippine Deposit Insurance Corp. survey, meanwhile, showed more than 60 percent of Filipinos’ savings accounts had only P5,000 and below.

“The ability to properly handle one’s finances is a skill everyone must have to be responsible and successful adults,” Tetangco said.

“The ideal place is to start at the elementary schools where children are learning and developing what would be lifelong habits on spending and saving,” he said.

He noted that financial lessons are being taught to those in Grade 1 as dropout rate increases by Grade 4, adding only about half of elementary graduates move on to high school.

Saving among children is encouraged through kiddie accounts, in which kids only need P100 to open an account with no maintaining balance.

“While still on low-key mode, the program has already generated over half a million kiddie savings accounts in one year. We look forward to higher numbers under this program,” Tetangco said.

Four educators were recognized during the ceremony: Agueda Pal-iwen from Lucban Elementary School in Baguio City as the National Awardee for Araling Panlipunan; Rowena de la Peña from Sumilihon Central Elementary School in Butuan City and Jeanette Bagtas from Caba Elementary School in La Union as National Awardees for Edukasyon sa Pagpapakatao; and Mae Pangantihon from Sta. Barbara Elementary School in Iloilo as National Awardee for Edukasyong Pantahanan at Pangkabuhayan.

A special award for students was also given during the ceremony for the Best Application of Financial Lessons, given to the students of Pangantihon from Sta. Barbara Elementary School.