MANILA, Philippines - The RCBC Savings Bank (RSB) is of the belief that instilling good habits of spending and saving in children should start as early as possible, so that when they grow up, they’ll know the value of money, and of saving.
Towards this end, RCBC Savings Bank has joined the Bangko Sentral ng Pilipinas (BSP) to support the latter’s initiative called the Banking On Your Future (BOYF) Kiddie Account Program. RCBC Savings Bank has joined hands with 11 other banks with the aim of promoting to kids and their parents the good habit of regularly saving money and consequently helping raise the country’s savings rate.
Together with the support of the Bank Marketing Association of the Philippines (BMAP), the BOYF program encourages children to open accounts with initial deposits of P100 and below at any of the bank’s head offices or their respective network of branches. This makes the opening of savings accounts affordable and convenient nationwide, as it taps the combined network of over 3,000 of the participating banks’ branches.
To further ensure the success of the program, the Bangko Sentral is working closely with the Department of Education (DepEd) to integrate the concept of saving and money management in elementary education curricula. The BSP is targeting about 12 million school children up to 12 years old for this endeavor.
Alongside this endeavor, RCBC Savings Bank will be deploying its bank personnel to various schools to promote the BSP initiative and encourage kids, together with their parents, to open a W.I.S.E. savings account. This kiddie account is one of RSB’s popular deposit products that are truly helpful in building children’s financial “nest egg” for the future.
RCBC Savings Bank president Rommel S. Latinazo said that the BOYF program is a great initiative in meeting the government’s objective to boost the savings rate of Philippine households, which is estimated at only 10 percent.
“Household saving is a vital source of capital for the country. It is for our national benefit that people save more, and more people save,” Latinazo added.
The W.I.S.E. kiddie savings account will help teach children the importance of saving money at a young age. With proper guidance from parents at home, and teachers in school, these young depositors will grow up with good money management habits.”
RCBC Savings Bank is a subsidiary of Rizal Commercial Banking Corp. (RCBC), one of the country’s top universal banks. To know more about the W.I.S.E. kiddie savings account, call 782-5676, email customerservicebg@rcbcsavings.com or visit www.rcbcsavings.com.