Thrift bank intensifies advocacy for educators’ financial wellness

CEBU, Philippines — The thrift bank arm of China Bank has intensified its advocacy to promote financial wellness among educators nationwide, through the China Bank Savings (CBS) series of Financial Wellness Roadshow.

Recently, CBS team led by Niel Jumawan, CBS?s first vice president II, and head for the automatic payroll deduction lending group, was in Cebu to conduct a roadshow for DepEd teachers and staff in three locations in Lapu Lapu City, Mandaue City and Cebu City.

According to Jumawan, this initiative continues the CBS promotion of financial wellness to empower educators with the tools they need to reach their financial goals.

Over 500 participants joined the Cebu leg. The program included of refresher courses focusing on proper financial planning, debt management, personal statement of assets and liabilities analysis, and effective saving strategies.

“We recognize the critical role that teachers play in our community and in shaping our students’ lives. Our goal is to make sure that they are equipped with the resources, knowledge, and skills to make better choices, plan, and ultimately, achieve financial independence,” said Jumawan.

“We are sincerely grateful for this partnership with the Department of Education as this provides a platform for CBS to reach out to our esteemed educators nationwide,” Jumawan added.

CBS China Bank Savings, the retail lending arm of China Banking Corporation has a network of 168 branches including APD Lending Centers and about 70 branch lites’, a total of 238 locations nationwide.

Its ATM network is the country’s second largest in the thrift bank category, with 210. The Bank’s presence in the Visayas and Mindanao region extends to 20 branches, 10 APD Lending Centers, and 40 branch lites’.

CBS is committed to providing for the financing needs of the SME participants sector and retail customers and improving the quality of life of the communities it serves, with the promise of “Easy Banking for You.”

The Cebu leg follows a successful Mindanao run earlier this month, with a turnout of 384 participants.

After Cebu, the team will also extend the financial wellness roadshow to Iloilo, Bacolod and Dumaguete.

A survey by the Bangko Sentral ng Pilipinas (BSP), titled Financial Inclusion Survey (FIS), revealed low levels of financial literacy among younger Filipinos (15 to 29 years old) and underserved sectors.

Specifically, only two percent of Filipinos are financially literate, with only 27 percent owning a bank account. At the same time, the survey showed that most respondents have basic skills in math, and less than half lack the need to gain knowledge on topics like inflation and compounding interest.

Notably, the survey also showed that workers with the least access to financial services are farmers (73 percent) with no bank accounts, followed by workers for private households (48 percent) and self-employed individuals (45 percent).