Banks to double number of kiddie savings accounts

MANILA, Philippines - Banks are confident of doubling the number of kiddie savings account opened under the Banking On Your Future (BOYF) program of the Bangko Sentral ng Pilipinas (BSP) and the Department of Education (DepEd).

Mary Ann Reyes Ducanes, president of the Bank Marketing Association of the Philippines (BMAP), said the industry is confident of delivering two million new accounts after reaching the one-million target set by BSP Governor Amando Tetangco Jr. last year.

“I am likewise pleased to share with you that we have reached the target mark of one million combined savings accounts opened at the end of 2016, 1.05 million to be exact. Now on to the next goal,” she said.

Ducanes, who is also head of marketing communication at China Banking Corp., said the number of participant banks have been expanded to 17 this year from only 12 in 2012.

Additional participating banks include BPI Family Savings, Metropolitan Bank and Trust Co. (Metrobank), Rizal Commercial Banking Corp. (RCBC), Sterling Bank of Asia, United Coconut Planters Bank, and UCPB Savings Bank.

Furthermore, she said the amended agreement entered into the by the BSP and major stakeholders expanded the age coverage to 19 years old to align with the new K to 12 curriculum and allow the program to seamlessly provide continues financial education opportunities.

“This will echo and also support BSP’s advocacy of financial inclusion, wherein, we at the BMAP hope this habit of saving will be carried into adulthood and along the different stages of their lives,” she said.

Under the BOYF, kids aged zero to 19 years old may open savings accounts without a maintaining balance through a P100 or less deposit. Once the account holders turn 20 their deposit accounts would revert to a regular savings account.

Tetangco, for his part, said the goal of the BSP is to raise financially responsible Filipinos starting with the schoolchildren to promote good money habits such as saving regularly through access to child-friendly deposit accounts.