Photo shows (standing, L-R) SEC Assistant Director Jernel Macatangay; PDIC Officer in Charge Sandra A. Diaz; IC Deputy Commissioner Ferdinand George A. Florendo; BSP Deputy Governor Bernadette Romulo-Puyat; BPI Foundation Associate Director Joy Reniva; and Commission on Higher Education Chief Aline Magalong together with (seated, L-R) Commission on Higher Education Director Cherrie Melanie Ancheta-Diego; IC Commissioner Reynaldo Regalado; BSP Governor Felipe Medalla; BPI Foundation Executive Director Owen L. Cammayo; and NEDA Undersecretary Rosemarie G. Edillon.
The Bangko Sentral ng Pilipinas (BSP), Commission on Higher Education (CHED), National Economic Development Authority (NEDA), Insurance Commission, Philippine Deposit Insurance Corporation, Securities and Exchange Commission, and BPI Foundation recently launched the Personal Finance 101 for College Students through a ceremonial MOA signing.
The launch of Personal Finance 101 marks a significant milestone in the collective journey towards a financially inclusive nation. The primary objective of the program is to influence a shift in mindset and behavior when it comes to personal finance management through an elective personal finance subject for higher education institutions (HEIs). It is targeted to become available to over 1,900 HEIs nationwide and can potentially impact and change the lives of over 4 million college students.
The program seeks to equip college students with personal finance management skills as they prepare to become part of the workforce, contribute to the economy, and achieve financial stability and success. Practical topics include the importance of financial goals, saving and budgeting, managing credit, investing, insurance, retirement planning, and protection from financial frauds and scams.
“This comprehensive financial literacy program is a systemic solution to address the challenge of establishing financial stability and sustainability. It aims to equip college students with the foundational knowledge and skills to prepare and enable them to achieve financial freedom amid the dynamic economic environment,” said Owen Cammayo, Executive Director of BPI Foundation. “We believe that financial education is essential to creating a culture of financial wellness.”
While initially offered to business majors, the long-term vision is to offer it to all college students. “Through this program, we are developing a Personal Finance 101 elective that targets an initial audience of up to 900,000 students,” said Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla. “Our goal is to eventually expand the reach of this FinEd program to the K-12 program and reach college-level learners and teachers. We look forward to joining forces with CHED and our partners in developing this course and preparing college students to enter the workforce.”
For the pilot implementation, the course will be initially offered for one academic year in selected HEIs as an elective for students pursuing business-related courses and as a general education elective for non-business majors.
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