140,000 AFP personnel to benefit from finlit program

An estimated 140,000 soldiers and civilian personnel of the Armed Forces of the Philippines (AFP) will receive financial literacy training under a partnership forged by BDO Foundation, the AFP and Bangko Sentral ng Pilipinas (BSP). As part of a shared vision to promote financial inclusion and concerted efforts to help the men and women of the military achieve financial independence, the three parties inked an agreement for the development of a financial education program for the armed forces.

The memorandum of agreement (MOA) was signed by BDO Foundation president Mario Deriquito, BDO Foundation trustee and treasurer Lucy Co Dy, BDO Foundation trustee and corporate secretary Lazaro Jerome Guevarra, AFP inspector general Lt. Gen. Antonio Ramon Lim representing AFP chief of staff Gen. Benjamin Madrigal Jr., AFP deputy chief of staff for personnel BGen. Adriano Perez Jr., BSP governor Benjamin Diokno and BSP deputy governor Chuchi Fonacier. In attendance at the MOA signing held in Camp Aguinaldo were BDO Foundation trustee Ma. Corazon Mallillin, BDO Foundation independent trustee Felina Arellano, and BDO Foundation trustee and BDO Unibank president and CEO Nestor Tan, one of the guest speakers at the event.

The corporate citizenship initiative is in line with BDO Foundation’s financial inclusion advocacy and BSP’s National Strategy for Financial Inclusion. It is also aligned with the AFP Transformation Roadmap (ATR) and efforts to build a better and stronger AFP, a world-class organization that is a source of national pride.

According to Deriquito, “BDO Foundation is honored to be able to contribute to the achievement of the ATR and help soldiers get high marks in their individual scorecards particularly on the aspect of personal finance. Together with subject matter experts from the AFP and BSP’s Center for Learning and Inclusion Advocacy, we will equip military personnel with knowledge, skills and tools to help them make sound financial decisions.”

“For this unique opportunity to be of service to the Filipino soldier, for enabling us to expand the coverage of our financial literacy programs and reach out to more beneficiaries, we would like to thank the AFP and BSP. We are pleased to know that our collaboration with the AFP and BSP as well as the Philippine Army will benefit the entire Armed Forces of the Philippines,” Deriquito continued.

The financial education program for the AFP effectively expands BDO Foundation’s partnership project with the Philippine Army and BSP, which was launched earlier this year. It enables the foundation and Bangko Sentral to extend financial education resources to all AFP personnel and develop new interventions tailored specifically for the Philippine Navy and Philippine Air Force. It paves the way for the mainstreaming of financial education resources in AFP’s training and capacity building programs. The training materials–including educational videos and discussion guides–will cover savings, budgeting and financial planning, investments, entrepreneurship, managing debt and avoiding scams, among other topics.

The AFP is the latest addition to BDO Foundation’s expanding list of financial education partners, which currently includes the Department of Education, Overseas Workers Welfare Administration, Philippine Army and Civil Service Commission. Through these partnerships, the foundation hopes to contribute to the development of a financially literate citizenry and support nation-building.

Photo caption: The MOA signing and launch of the financial education program for the armed forces held in Camp Aguinaldo were witnessed by senior officers of BDO Foundation, the AFP and BSP.

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